--------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  E:\REStat_MS14767_Vol96(2)\Estimation\REStat_MS14797_Vol96(2)_estimation_compustat_segment.log
  log type:  text
 opened on:  20 Dec 2014, 21:03:01

. 
. 
. ********************************************************************************
. ********                                                ************************
. ********      in this file we do the main regressions   ************************
. ********                                                ************************
. ********************************************************************************
. 
. 
. use RESTATestimation_sample_segment.dta, clear

. xtset obs_num year
       panel variable:  obs_num (unbalanced)
        time variable:  year, 1986 to 1999, but with gaps
                delta:  1 unit

. 
. 
. ***** UNIT ROOTS TESTS
. egen a=count(obs_num), by(obs_num)

. 
. *xtunitroot fisher MS if zero_same==0 &  network>=0 & a>3, pperron lags(1)
. *xtunitroot fisher MS if zero_same==0 &  network>=0 & a>3, dfuller lags(1)
. 
. 
. *************************************************************
. **** preliminary statistics
. *************************************************************
. 
. 
. replace networkMS=0 if networkMS==.
(159152 real changes made)

. gen RJVhorMS_s=0

. replace RJVhorMS_s=1 if networkMS>0 & networkMS<.0676542
(1215 real changes made)

. 
. gen RJVhorMS_m=0

. replace RJVhorMS_m=1 if networkMS>=.0676542 & networkMS<.3846659
(3074 real changes made)

. 
. gen RJVhorMS_l=0

. replace RJVhorMS_l=1 if networkMS>=.3846659
(1431 real changes made)

. 
. tabstat MS sales_new ta rd2 rd_int patents pat_corr network networkMS coverage RJVsametot links2_ver m_rdexpense m_lta ncomp i
> f RJV2==0 & zero_same==1, stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
          MS |  .1193672   .232789     80487
   sales_new |  453.7233  2335.056     80520
          ta |  546.8278  4765.357     80520
         rd2 |  2.072949  147.1867     80520
      rd_int |  .2233932  12.04673     77888
     patents |  7.716693  107.5182     80520
    pat_corr |  3.059003  73.91382     78334
     network |         0         0     80520
   networkMS |         0         0     80520
    coverage |         0         0     80520
  RJVsametot |         0         0      1966
  links2_ver |         0         0     80520
 m_rdexpense |  6.660832   102.761     66952
       m_lta |  4.103016  1.347772     80442
       ncomp |  36.45222  51.21342     80520
--------------------------------------------

. tabstat MS sales_new ta rd2 rd_int patents pat_corr network networkMS coverage RJVsametot links2_ver m_rdexpense m_lta ncomp i
> f RJV2==1, stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
          MS |  .1446795   .221573     10779
   sales_new |  3233.675  9472.419     10779
          ta |  4083.563  14947.81     10779
         rd2 |  85.48114  368.3811     10779
      rd_int |  4.425574  224.0103     10732
     patents |  313.0831   912.217     10779
    pat_corr |  87.30888  298.8605     10758
     network |  .0566948  .1080681     10779
   networkMS |  .1352049  .1908329     10779
    coverage |  .0944104   .136166     10779
  RJVsametot |  1.942481  4.960452     10779
  links2_ver |  42.80508  52.65604     10779
 m_rdexpense |  60.96244  194.3335     10404
       m_lta |  4.770027  1.413548     10763
       ncomp |  75.86075  114.8542     10779
--------------------------------------------

. tabstat MS sales_new ta rd2 rd_int patents pat_corr network networkMS coverage RJVsametot links2_ver m_rdexpense m_lta ncomp i
> f RJVver==1, stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
          MS |  .2206876  .2756979      5053
   sales_new |   1969.77  6066.511      5053
          ta |    2403.5  11019.22      5053
         rd2 |  20.95627  67.33679      5053
      rd_int |  8.406872  323.7852      5029
     patents |  195.0545   613.175      5053
    pat_corr |  41.64984   106.201      5046
     network |         0         0      5053
   networkMS |         0         0      5053
    coverage |         0         0      5053
  RJVsametot |         0         0      5053
  links2_ver |   29.1132  37.90961      5053
 m_rdexpense |  22.35883  130.4689      4769
       m_lta |  4.610221   1.40577      5037
       ncomp |  37.12072  56.70063      5053
--------------------------------------------

. tabstat MS sales_new ta rd2 rd_int patents pat_corr network networkMS coverage RJVsametot links2_ver m_rdexpense m_lta ncomp i
> f RJVver_sure==1, stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
          MS |  .1847692  .2414003      2230
   sales_new |  3017.626  11043.88      2230
          ta |  2948.691  9147.777      2230
         rd2 |  27.90789  90.58931      2230
      rd_int |  .1981859  3.206691      2219
     patents |  153.3295  352.3447      2230
    pat_corr |  55.24217  188.1465      2227
     network |  .0349665  .0994456      2230
   networkMS |  .0698517  .1597516      2230
    coverage |  .0580355  .1310965      2230
  RJVsametot |   .858296  5.042895      2230
  links2_ver |  27.75022  30.48887      2230
 m_rdexpense |  41.17793  183.5276      2141
       m_lta |   4.83907  1.405198      2230
       ncomp |  42.91166  72.88941      2230
--------------------------------------------

. tabstat MS sales_new ta rd2 rd_int patents pat_corr network networkMS coverage RJVsametot links2_ver m_rdexpense m_lta ncomp i
> f RJVver_nsure==1, stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
          MS |  .2206676  .2813485      3449
   sales_new |  1817.258  4898.596      3449
          ta |  2480.088  12514.17      3449
         rd2 |  24.36912  78.62852      3449
      rd_int |   12.2389   391.954      3431
     patents |  228.5963  716.3178      3449
    pat_corr |  43.34794  116.3488      3443
     network |         0         0      3449
   networkMS |         0         0      3449
    coverage |         0         0      3449
  RJVsametot |         0         0      3449
  links2_ver |  31.70165  42.54473      3449
 m_rdexpense |  23.36313  117.2797      3251
       m_lta |  4.556568  1.419385      3433
       ncomp |  38.99623  58.42609      3449
--------------------------------------------

. tabstat MS sales_new ta rd2 rd_int patents pat_corr network networkMS coverage RJVsametot links2_ver m_rdexpense m_lta ncomp i
> f RJVhor==1, stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
          MS |  .0776048  .1255127      5726
   sales_new |  4349.028   11566.8      5726
          ta |  5566.161  17572.94      5726
         rd2 |  142.4221  494.5315      5726
      rd_int |  .9148002  44.35611      5703
     patents |  417.2393   1100.76      5726
    pat_corr |  127.6442  393.4492      5712
     network |   .106726  .1290195      5726
   networkMS |  .2545186  .1954146      5726
    coverage |  .1777243  .1417622      5726
  RJVsametot |  3.656654  6.328876      5726
  links2_ver |  54.88771  60.33398      5726
 m_rdexpense |  93.63335  230.2131      5635
       m_lta |  4.910604  1.405533      5726
       ncomp |  110.0475  139.6567      5726
--------------------------------------------

. 
. 
. tabstat MS  sales_new ta rd2 rd_int patents pat_corr network networkMS coverage RJVsametot links2_ver m_rdexpense m_lta ncomp 
> if RJVhor==1 & (network==0 | network<.0267857), stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
          MS |  .0273059  .0604066      1430
   sales_new |  1767.348  3751.388      1430
          ta |  4482.756   17500.7      1430
         rd2 |  53.76442  190.0433      1430
      rd_int |  3.142113  88.70691      1417
     patents |  245.0272  888.7364      1430
    pat_corr |   45.3684  153.9146      1420
     network |  .0148268  .0068146      1430
   networkMS |  .1200488  .1404668      1430
    coverage |  .0834045  .0524669      1430
  RJVsametot |   1.65035   2.14831      1430
  links2_ver |  32.37552  37.30925      1430
 m_rdexpense |  37.40457  72.68728      1408
       m_lta |  4.282532   1.41498      1430
       ncomp |   222.221  184.8802      1430
--------------------------------------------

. tabstat MS  sales_new ta rd2 rd_int patents pat_corr network networkMS coverage RJVsametot links2_ver m_rdexpense m_lta ncomp 
> if RJVhor==1 & (network==0 | network>.0267857 & network<.13),  stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
          MS |  .0712574  .1120054      2862
   sales_new |  3907.733   8689.95      2862
          ta |  5936.417  18686.41      2862
         rd2 |  112.4512  320.4915      2862
      rd_int |  .0830087  1.089868      2852
     patents |  385.7311   1056.48      2862
    pat_corr |  119.1152  365.7461      2858
     network |  .0703865  .0298689      2862
   networkMS |  .2469494  .1614548      2862
    coverage |  .1382963  .0615117      2862
  RJVsametot |  3.395178  5.181975      2862
  links2_ver |  56.64221  60.96482      2862
 m_rdexpense |  67.72697  116.5306      2810
       m_lta |  4.894523  1.334285      2862
       ncomp |  93.42872  107.8811      2862
--------------------------------------------

. tabstat MS  sales_new ta rd2 rd_int patents pat_corr network networkMS coverage RJVsametot links2_ver m_rdexpense m_lta ncomp 
> if RJVhor==1 & (network==0 | network>.13), stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
          MS |  .1404317  .1664219      1434
   sales_new |  7804.251  18727.59      1434
          ta |  5907.582  15152.47      1434
         rd2 |  290.6491  839.2496      1434
      rd_int |  .3681941   6.64525      1434
     patents |  651.8557  1318.354      1434
    pat_corr |  226.1154  556.9792      1434
     network |  .2708959  .1632161      1434
   networkMS |  .4037202  .2010107      1434
    coverage |  .3504719  .1677608      1434
  RJVsametot |  6.179219  9.554448      1434
  links2_ver |  73.83543  69.73723      1434
 m_rdexpense |   200.879  403.3559      1417
       m_lta |   5.56902  1.230231      1434
       ncomp |  31.35495  35.97679      1434
--------------------------------------------

. 
. tabstat networkMS if RJVhor==1 & (networkMS==0 | networkMS<.0676542), stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
   networkMS |   .028671  .0204407      1221
--------------------------------------------

. tabstat networkMS if networkMS>=.0676542 & networkMS<.3846659, stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
   networkMS |  .2164544  .0885614      3074
--------------------------------------------

. tabstat networkMS if networkMS>=.3846659, stat (mean sd n) c(st)

    variable |      mean        sd         N
-------------+------------------------------
   networkMS |  .5289907  .1166857      1431
--------------------------------------------

. 
. *************************************************************
. **** REGRESSIONS
. *************************************************************
. 
. * here we make the (extreme) assumption that the same firm in different
. * indusutries are different observations
. * horizontal and vertical RJVs are  defined accordingly
. 
. * some preliminary table
. 
. tab RJV2 if zero_same==0

        RJV |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |     78,632       90.63       90.63
          1 |      8,127        9.37      100.00
------------+-----------------------------------
      Total |     86,759      100.00

. tab year RJV2 if zero_same==0, row

+----------------+
| Key            |
|----------------|
|   frequency    |
| row percentage |
+----------------+

  calender |          RJV
      year |         0          1 |     Total
-----------+----------------------+----------
      1986 |     5,242        261 |     5,503 
           |     95.26       4.74 |    100.00 
-----------+----------------------+----------
      1987 |     5,232        262 |     5,494 
           |     95.23       4.77 |    100.00 
-----------+----------------------+----------
      1988 |     5,110        340 |     5,450 
           |     93.76       6.24 |    100.00 
-----------+----------------------+----------
      1989 |     4,906        395 |     5,301 
           |     92.55       7.45 |    100.00 
-----------+----------------------+----------
      1990 |     4,813        454 |     5,267 
           |     91.38       8.62 |    100.00 
-----------+----------------------+----------
      1991 |     4,875        497 |     5,372 
           |     90.75       9.25 |    100.00 
-----------+----------------------+----------
      1992 |     5,032        537 |     5,569 
           |     90.36       9.64 |    100.00 
-----------+----------------------+----------
      1993 |     5,435        621 |     6,056 
           |     89.75      10.25 |    100.00 
-----------+----------------------+----------
      1994 |     5,599        648 |     6,247 
           |     89.63      10.37 |    100.00 
-----------+----------------------+----------
      1995 |     6,097        708 |     6,805 
           |     89.60      10.40 |    100.00 
-----------+----------------------+----------
      1996 |     6,244        764 |     7,008 
           |     89.10      10.90 |    100.00 
-----------+----------------------+----------
      1997 |     6,098        793 |     6,891 
           |     88.49      11.51 |    100.00 
-----------+----------------------+----------
      1998 |     6,926        908 |     7,834 
           |     88.41      11.59 |    100.00 
-----------+----------------------+----------
      1999 |     7,023        939 |     7,962 
           |     88.21      11.79 |    100.00 
-----------+----------------------+----------
     Total |    78,632      8,127 |    86,759 
           |     90.63       9.37 |    100.00 


. tab RJVhor RJVver if zero_same==0, row col

+-------------------+
| Key               |
|-------------------|
|     frequency     |
|  row percentage   |
| column percentage |
+-------------------+

Horizontal |     Vertical RJV
       RJV |         0          1 |     Total
-----------+----------------------+----------
         0 |    78,632      2,401 |    81,033 
           |     97.04       2.96 |    100.00 
           |     93.21     100.00 |     93.40 
-----------+----------------------+----------
         1 |     5,726          0 |     5,726 
           |    100.00       0.00 |    100.00 
           |      6.79       0.00 |      6.60 
-----------+----------------------+----------
     Total |    84,358      2,401 |    86,759 
           |     97.23       2.77 |    100.00 
           |    100.00     100.00 |    100.00 


. 
. ************************
. *********  RJV ANY
. ************************
. 
. 
. xtdpd L(0/1).MS L(0/2).RJV2 L(0/2).lrd2 L(1/1).m_lta L(1/1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS,
>  lag(3 5)) dgmmiv(RJV2, lag(3 5)) dgmmiv(lrd2, lag(5 5))  lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.ta) div(L(1/1).m_l
> ta L(1/1).m_lrd) twostep
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    134               Wald chi2(19)         =   1800.82
                                             Prob > chi2           =    0.0000
Two-step results
------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .8560446   .0229722    37.26   0.000       .81102    .9010691
             |
        RJV2 |
         --. |   -.004665   .0172538    -0.27   0.787    -.0384818    .0291518
         L1. |   .0229848   .0182083     1.26   0.207    -.0127027    .0586723
         L2. |  -.0182023   .0125929    -1.45   0.148    -.0428839    .0064793
             |
        lrd2 |
         --. |    .006001   .0021762     2.76   0.006     .0017358    .0102662
         L1. |   -.003873   .0025659    -1.51   0.131     -.008902    .0011561
         L2. |   .0009721   .0018633     0.52   0.602      -.00268    .0046241
             |
       m_lta |
         L1. |   .0074972   .0010491     7.15   0.000     .0054411    .0095533
             |
       m_lrd |
         L1. |  -.0027038    .002227    -1.21   0.225    -.0070686    .0016609
             |
         dy4 |   .0023933   .0023306     1.03   0.304    -.0021745    .0069611
         dy5 |  -.0019634   .0019282    -1.02   0.309    -.0057427    .0018159
         dy6 |  -.0033631   .0018477    -1.82   0.069    -.0069845    .0002584
         dy7 |   -.000454   .0016185    -0.28   0.779    -.0036261    .0027181
         dy8 |  -.0034955   .0015634    -2.24   0.025    -.0065596   -.0004313
         dy9 |  -.0044371   .0016075    -2.76   0.006    -.0075877   -.0012865
        dy10 |  -.0041117   .0015667    -2.62   0.009    -.0071824   -.0010411
        dy11 |  -.0030662   .0015785    -1.94   0.052    -.0061601    .0000276
        dy12 |  -.0041901   .0015319    -2.74   0.006    -.0071925   -.0011876
        dy13 |  -.0050419   .0015106    -3.34   0.001    -.0080025   -.0020812
       _cons |  -.0297539   .0054943    -5.42   0.000    -.0405225   -.0189852
------------------------------------------------------------------------------
Warning: gmm two-step standard errors are biased; robust standard 
         errors are recommended.
Instruments for differenced equation
        GMM-type: L(3/5).MS L(3/5).RJV2 L(5/5).lrd2
        Standard: D.patents_t_2 L2D.ta LD.m_lta LD.m_lrd
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat sargan
Sargan test of overidentifying restrictions
        H0: overidentifying restrictions are valid

        chi2(114)    =  115.6762
        Prob > chi2  =    0.4386

. *no system
. xtdpd L(0/1).MS L(0/2).RJV2 L(0/2).lrd2 L(1/1).m_lta L(1/1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS,
>  lag(3 5)) dgmmiv(RJV2, lag(3 5)) dgmmiv(lrd2, lag(5 5))  div(patents_t_2 l2.ta) div(L(1/1).m_lta L(1/1).m_lrd) twostep
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =     74               Wald chi2(19)         =    342.81
                                             Prob > chi2           =    0.0000
Two-step results
------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .7459703   .0549169    13.58   0.000     .6383351    .8536055
             |
        RJV2 |
         --. |   .0162829   .0255483     0.64   0.524    -.0337908    .0663567
         L1. |   .0088033   .0222875     0.39   0.693    -.0348793    .0524859
         L2. |  -.0119013   .0156063    -0.76   0.446    -.0424891    .0186866
             |
        lrd2 |
         --. |   .0143754   .0063962     2.25   0.025     .0018391    .0269117
         L1. |  -.0028685   .0068709    -0.42   0.676    -.0163353    .0105982
         L2. |   .0014301   .0047988     0.30   0.766    -.0079753    .0108355
             |
       m_lta |
         L1. |   .0071654   .0016392     4.37   0.000     .0039526    .0103781
             |
       m_lrd |
         L1. |  -.0063264   .0043182    -1.47   0.143      -.01479    .0021372
             |
         dy4 |   .0013886   .0030246     0.46   0.646    -.0045395    .0073167
         dy5 |  -.0026751   .0025457    -1.05   0.293    -.0076645    .0023142
         dy6 |  -.0042856   .0023874    -1.80   0.073    -.0089648    .0003935
         dy7 |  -.0012678   .0021451    -0.59   0.555    -.0054722    .0029366
         dy8 |  -.0046753   .0020345    -2.30   0.022    -.0086627   -.0006878
         dy9 |  -.0055696   .0022278    -2.50   0.012    -.0099359   -.0012032
        dy10 |  -.0066513   .0023229    -2.86   0.004     -.011204   -.0020985
        dy11 |  -.0060677   .0023539    -2.58   0.010    -.0106813   -.0014541
        dy12 |  -.0071403   .0022934    -3.11   0.002    -.0116353   -.0026454
        dy13 |  -.0071908   .0020748    -3.47   0.001    -.0112572   -.0031244
       _cons |  -.0305298   .0093097    -3.28   0.001    -.0487764   -.0122831
------------------------------------------------------------------------------
Warning: gmm two-step standard errors are biased; robust standard 
         errors are recommended.
Instruments for differenced equation
        GMM-type: L(3/5).MS L(3/5).RJV2 L(5/5).lrd2
        Standard: D.patents_t_2 L2D.ta LD.m_lta LD.m_lrd
Instruments for level equation
        Standard: _cons

. estat sargan
Sargan test of overidentifying restrictions
        H0: overidentifying restrictions are valid

        chi2(54)     =  59.78558
        Prob > chi2  =    0.2737

. xtdpd L(0/1).MS L(0/2).RJV2 L(0/2).lrd2 L(1/1).m_lta L(1/1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS,
>  lag(3 5)) dgmmiv(RJV2, lag(3 5)) dgmmiv(lrd2, lag(5 5))  lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.ta) div(L(1/1).m_l
> ta L(1/1).m_lrd) twostep vce(r)
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    134               Wald chi2(19)         =    456.12
                                             Prob > chi2           =    0.0000
Two-step results
                                (Std. Err. adjusted for clustering on obs_num)
------------------------------------------------------------------------------
             |              WC-Robust
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .8560446   .0629835    13.59   0.000     .7325991      .97949
             |
        RJV2 |
         --. |   -.004665   .0212147    -0.22   0.826    -.0462451    .0369151
         L1. |   .0229848   .0245957     0.93   0.350    -.0252219    .0711915
         L2. |  -.0182023   .0149111    -1.22   0.222    -.0474274    .0110228
             |
        lrd2 |
         --. |    .006001   .0037306     1.61   0.108    -.0013108    .0133128
         L1. |   -.003873   .0066494    -0.58   0.560    -.0169055    .0091595
         L2. |   .0009721   .0055872     0.17   0.862    -.0099786    .0119228
             |
       m_lta |
         L1. |   .0074972   .0012537     5.98   0.000     .0050401    .0099543
             |
       m_lrd |
         L1. |  -.0027038   .0028963    -0.93   0.351    -.0083805    .0029728
             |
         dy4 |   .0023933   .0029928     0.80   0.424    -.0034725    .0082592
         dy5 |  -.0019634   .0023712    -0.83   0.408    -.0066108     .002684
         dy6 |  -.0033631   .0022818    -1.47   0.141    -.0078352    .0011091
         dy7 |   -.000454    .001973    -0.23   0.818     -.004321     .003413
         dy8 |  -.0034955   .0018665    -1.87   0.061    -.0071537    .0001627
         dy9 |  -.0044371   .0019006    -2.33   0.020    -.0081622    -.000712
        dy10 |  -.0041117   .0022041    -1.87   0.062    -.0084317    .0002082
        dy11 |  -.0030662   .0021596    -1.42   0.156     -.007299    .0011666
        dy12 |  -.0041901   .0020372    -2.06   0.040    -.0081829   -.0001973
        dy13 |  -.0050419    .001991    -2.53   0.011    -.0089442   -.0011395
       _cons |  -.0297539   .0065952    -4.51   0.000    -.0426803   -.0168275
------------------------------------------------------------------------------
Instruments for differenced equation
        GMM-type: L(3/5).MS L(3/5).RJV2 L(5/5).lrd2
        Standard: D.patents_t_2 L2D.ta LD.m_lta LD.m_lrd
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat abond

Arellano-Bond test for zero autocorrelation in first-differenced errors
  +-----------------------+
  |Order |  z     Prob > z|
  |------+----------------|
  |   1  |-6.2257  0.0000 |
  |   2  |-.58394  0.5593 |
  +-----------------------+
   H0: no autocorrelation 

. eststo RJVseg_any

. lincom RJV2+L1.RJV2+l2.RJV2

 ( 1)  RJV2 + L.RJV2 + L2.RJV2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0001175   .0067192     0.02   0.986    -.0130519    .0132869
------------------------------------------------------------------------------

. lincom lrd2+L1.lrd2+l2.lrd2

 ( 1)  lrd2 + L.lrd2 + L2.lrd2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0031001   .0012401     2.50   0.012     .0006696    .0055306
------------------------------------------------------------------------------

. 
. displ chi2(60,55)
.34147892

. 
. tab RJV2 if e(sample)

        RJV |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |     49,143       88.86       88.86
          1 |      6,161       11.14      100.00
------------+-----------------------------------
      Total |     55,304      100.00

. tab year RJV2 if e(sample), row

+----------------+
| Key            |
|----------------|
|   frequency    |
| row percentage |
+----------------+

  calender |          RJV
      year |         0          1 |     Total
-----------+----------------------+----------
      1988 |     3,837        283 |     4,120 
           |     93.13       6.87 |    100.00 
-----------+----------------------+----------
      1989 |     3,826        331 |     4,157 
           |     92.04       7.96 |    100.00 
-----------+----------------------+----------
      1990 |     3,816        398 |     4,214 
           |     90.56       9.44 |    100.00 
-----------+----------------------+----------
      1991 |     3,835        429 |     4,264 
           |     89.94      10.06 |    100.00 
-----------+----------------------+----------
      1992 |     3,875        467 |     4,342 
           |     89.24      10.76 |    100.00 
-----------+----------------------+----------
      1993 |     3,861        523 |     4,384 
           |     88.07      11.93 |    100.00 
-----------+----------------------+----------
      1994 |     3,958        532 |     4,490 
           |     88.15      11.85 |    100.00 
-----------+----------------------+----------
      1995 |     4,188        575 |     4,763 
           |     87.93      12.07 |    100.00 
-----------+----------------------+----------
      1996 |     4,310        630 |     4,940 
           |     87.25      12.75 |    100.00 
-----------+----------------------+----------
      1997 |     4,747        683 |     5,430 
           |     87.42      12.58 |    100.00 
-----------+----------------------+----------
      1998 |     4,664        677 |     5,341 
           |     87.32      12.68 |    100.00 
-----------+----------------------+----------
      1999 |     4,226        633 |     4,859 
           |     86.97      13.03 |    100.00 
-----------+----------------------+----------
     Total |    49,143      6,161 |    55,304 
           |     88.86      11.14 |    100.00 


. tab RJVhor RJVver if e(sample), row col

+-------------------+
| Key               |
|-------------------|
|     frequency     |
|  row percentage   |
| column percentage |
+-------------------+

Horizontal |     Vertical RJV
       RJV |         0          1 |     Total
-----------+----------------------+----------
         0 |    49,143      1,717 |    50,860 
           |     96.62       3.38 |    100.00 
           |     91.71     100.00 |     91.96 
-----------+----------------------+----------
         1 |     4,444          0 |     4,444 
           |    100.00       0.00 |    100.00 
           |      8.29       0.00 |      8.04 
-----------+----------------------+----------
     Total |    53,587      1,717 |    55,304 
           |     96.90       3.10 |    100.00 
           |    100.00     100.00 |    100.00 


. 
. 
. ************************
. *********  HORIZONZAL vs. VERTICAL RJV
. ************************
. 
. xtdpd L(0/1).MS L(0/2).RJVhor L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lta L(1/1).m_lrd dy2-dy13 if zero_sa
> me==0 & drop==0 &  network>=0, dgmmiv(MS, lag(3 5)) dgmmiv(RJVhor, lag(3 5))  dgmmiv(RJVver_sure, lag(3 5)) dgmmiv(RJVver_nsur
> e, lag(3 5)) dgmmiv(lrd2, lag(5 5))  lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.ta) div(L(1/1).m_lta L(1/1).m_lrd) twos
> tep
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    194               Wald chi2(25)         =   2094.04
                                             Prob > chi2           =    0.0000
Two-step results
------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .8441715   .0212032    39.81   0.000      .802614     .885729
             |
      RJVhor |
         --. |  -.0221989   .0089747    -2.47   0.013    -.0397891   -.0046087
         L1. |   .0282247   .0071252     3.96   0.000     .0142595    .0421899
         L2. |   -.011713    .005651    -2.07   0.038    -.0227889   -.0006372
             |
 RJVver_sure |
         --. |   .0400536   .0179496     2.23   0.026      .004873    .0752343
         L1. |  -.0133896    .020831    -0.64   0.520    -.0542177    .0274385
         L2. |   .0166506   .0202171     0.82   0.410    -.0229742    .0562754
             |
RJVver_nsure |
         --. |   .0404581   .0145733     2.78   0.006     .0118949    .0690213
         L1. |  -.0025565    .014351    -0.18   0.859     -.030684     .025571
         L2. |  -.0215089   .0104701    -2.05   0.040    -.0420299   -.0009879
             |
        lrd2 |
         --. |   .0061902   .0018922     3.27   0.001     .0024816    .0098988
         L1. |  -.0035153    .002302    -1.53   0.127     -.008027    .0009965
         L2. |  -.0001026   .0016739    -0.06   0.951    -.0033833    .0031782
             |
       m_lta |
         L1. |   .0071835   .0009692     7.41   0.000      .005284    .0090831
             |
       m_lrd |
         L1. |   -.000687   .0020671    -0.33   0.740    -.0047385    .0033646
             |
         dy4 |   .0047528   .0018211     2.61   0.009     .0011835    .0083221
         dy5 |   .0010536   .0015164     0.69   0.487    -.0019185    .0040258
         dy6 |  -.0008459   .0014156    -0.60   0.550    -.0036204    .0019286
         dy7 |   .0013685   .0013154     1.04   0.298    -.0012096    .0039466
         dy8 |  -.0020571    .001303    -1.58   0.114    -.0046109    .0004967
         dy9 |   -.003664   .0013018    -2.81   0.005    -.0062156   -.0011125
        dy10 |  -.0039847   .0013507    -2.95   0.003    -.0066321   -.0013373
        dy11 |  -.0028349   .0012908    -2.20   0.028    -.0053649   -.0003049
        dy12 |  -.0037498   .0012951    -2.90   0.004    -.0062881   -.0012114
        dy13 |  -.0047893   .0013561    -3.53   0.000    -.0074473   -.0021314
       _cons |  -.0306941   .0049958    -6.14   0.000    -.0404857   -.0209025
------------------------------------------------------------------------------
Warning: gmm two-step standard errors are biased; robust standard 
         errors are recommended.
Instruments for differenced equation
        GMM-type: L(3/5).MS L(3/5).RJVhor L(3/5).RJVver_sure
                  L(3/5).RJVver_nsure L(5/5).lrd2
        Standard: D.patents_t_2 L2D.ta LD.m_lta LD.m_lrd
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat sargan
Sargan test of overidentifying restrictions
        H0: overidentifying restrictions are valid

        chi2(168)    =  165.6668
        Prob > chi2  =    0.5364

. *no system
. xtdpd L(0/1).MS L(0/2).RJVhor L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lta L(1/1).m_lrd dy2-dy13 if zero_sa
> me==0 & drop==0 &  network>=0, dgmmiv(MS, lag(3 5)) dgmmiv(RJVhor, lag(3 5))  dgmmiv(RJVver_sure, lag(3 5)) dgmmiv(RJVver_nsur
> e, lag(3 5)) dgmmiv(lrd2, lag(5 5))  div(patents_t_2 l2.ta) div(L(1/1).m_lta L(1/1).m_lrd) twostep
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    134               Wald chi2(25)         =    614.61
                                             Prob > chi2           =    0.0000
Two-step results
------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .7378708   .0420384    17.55   0.000     .6554771    .8202646
             |
      RJVhor |
         --. |  -.0137867    .011891    -1.16   0.246    -.0370927    .0095193
         L1. |    .022086    .008705     2.54   0.011     .0050246    .0391474
         L2. |  -.0092771   .0064654    -1.43   0.151    -.0219491     .003395
             |
 RJVver_sure |
         --. |   .0271339   .0195612     1.39   0.165    -.0112053     .065473
         L1. |  -.0135349   .0245389    -0.55   0.581    -.0616303    .0345605
         L2. |   .0000205   .0226826     0.00   0.999    -.0444367    .0444776
             |
RJVver_nsure |
         --. |   .0390065   .0170305     2.29   0.022     .0056274    .0723855
         L1. |  -.0125596    .018509    -0.68   0.497    -.0488365    .0237174
         L2. |  -.0082396   .0123443    -0.67   0.504    -.0324341    .0159548
             |
        lrd2 |
         --. |   .0105824   .0040268     2.63   0.009     .0026901    .0184747
         L1. |  -.0024345   .0045223    -0.54   0.590    -.0112981    .0064291
         L2. |   .0013293   .0037358     0.36   0.722    -.0059927    .0086513
             |
       m_lta |
         L1. |   .0057741   .0014191     4.07   0.000     .0029927    .0085555
             |
       m_lrd |
         L1. |  -.0031827   .0033706    -0.94   0.345     -.009789    .0034237
             |
         dy4 |   .0034631   .0022811     1.52   0.129    -.0010077     .007934
         dy5 |  -.0009026   .0017914    -0.50   0.614    -.0044136    .0026085
         dy6 |  -.0029492   .0016863    -1.75   0.080    -.0062542    .0003558
         dy7 |  -.0008397   .0015454    -0.54   0.587    -.0038687    .0021892
         dy8 |  -.0037894   .0015387    -2.46   0.014    -.0068052   -.0007735
         dy9 |  -.0054864   .0017097    -3.21   0.001    -.0088374   -.0021354
        dy10 |  -.0064135   .0017148    -3.74   0.000    -.0097745   -.0030525
        dy11 |  -.0057403   .0017484    -3.28   0.001    -.0091671   -.0023134
        dy12 |  -.0059027   .0017643    -3.35   0.001    -.0093607   -.0024448
        dy13 |  -.0061592   .0017376    -3.54   0.000    -.0095648   -.0027536
       _cons |  -.0234066   .0077353    -3.03   0.002    -.0385676   -.0082457
------------------------------------------------------------------------------
Warning: gmm two-step standard errors are biased; robust standard 
         errors are recommended.
Instruments for differenced equation
        GMM-type: L(3/5).MS L(3/5).RJVhor L(3/5).RJVver_sure
                  L(3/5).RJVver_nsure L(5/5).lrd2
        Standard: D.patents_t_2 L2D.ta LD.m_lta LD.m_lrd
Instruments for level equation
        Standard: _cons

. estat sargan
Sargan test of overidentifying restrictions
        H0: overidentifying restrictions are valid

        chi2(108)    =  111.4247
        Prob > chi2  =    0.3913

. xtdpd L(0/1).MS L(0/2).RJVhor L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lta L(1/1).m_lrd dy2-dy13 if zero_sa
> me==0 & drop==0 &  network>=0, dgmmiv(MS, lag(3 5)) dgmmiv(RJVhor, lag(3 5))  dgmmiv(RJVver_sure, lag(3 5)) dgmmiv(RJVver_nsur
> e, lag(3 5)) dgmmiv(lrd2, lag(5 5))  lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.ta) div(L(1/1).m_lta L(1/1).m_lrd) twos
> tep vce(r)
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    194               Wald chi2(25)         =    451.23
                                             Prob > chi2           =    0.0000
Two-step results
                                (Std. Err. adjusted for clustering on obs_num)
------------------------------------------------------------------------------
             |              WC-Robust
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .8441715   .0615175    13.72   0.000     .7235993    .9647437
             |
      RJVhor |
         --. |  -.0221989   .0165852    -1.34   0.181    -.0547052    .0103074
         L1. |   .0282247   .0158236     1.78   0.074    -.0027889    .0592383
         L2. |   -.011713   .0119958    -0.98   0.329    -.0352243    .0117983
             |
 RJVver_sure |
         --. |   .0400536   .0345422     1.16   0.246    -.0276477     .107755
         L1. |  -.0133896   .0403452    -0.33   0.740    -.0924648    .0656856
         L2. |   .0166506   .0389694     0.43   0.669    -.0597279    .0930292
             |
RJVver_nsure |
         --. |   .0404581    .031428     1.29   0.198    -.0211396    .1020558
         L1. |  -.0025565   .0322083    -0.08   0.937    -.0656837    .0605706
         L2. |  -.0215089   .0181473    -1.19   0.236     -.057077    .0140592
             |
        lrd2 |
         --. |   .0061902   .0031761     1.95   0.051    -.0000349    .0124153
         L1. |  -.0035153    .005195    -0.68   0.499    -.0136973    .0066668
         L2. |  -.0001026   .0048708    -0.02   0.983    -.0096492    .0094441
             |
       m_lta |
         L1. |   .0071835   .0012226     5.88   0.000     .0047872    .0095798
             |
       m_lrd |
         L1. |   -.000687   .0028161    -0.24   0.807    -.0062064    .0048325
             |
         dy4 |   .0047528   .0025992     1.83   0.067    -.0003416    .0098472
         dy5 |   .0010536   .0022263     0.47   0.636    -.0033098    .0054171
         dy6 |  -.0008459   .0020588    -0.41   0.681     -.004881    .0031892
         dy7 |   .0013685   .0018234     0.75   0.453    -.0022054    .0049424
         dy8 |  -.0020571   .0019272    -1.07   0.286    -.0058343    .0017201
         dy9 |   -.003664   .0017131    -2.14   0.032    -.0070216   -.0003065
        dy10 |  -.0039847   .0022189    -1.80   0.073    -.0083336    .0003642
        dy11 |  -.0028349   .0021685    -1.31   0.191    -.0070851    .0014153
        dy12 |  -.0037498   .0020035    -1.87   0.061    -.0076766    .0001771
        dy13 |  -.0047893   .0018592    -2.58   0.010    -.0084333   -.0011454
       _cons |  -.0306941    .006654    -4.61   0.000    -.0437356   -.0176526
------------------------------------------------------------------------------
Instruments for differenced equation
        GMM-type: L(3/5).MS L(3/5).RJVhor L(3/5).RJVver_sure
                  L(3/5).RJVver_nsure L(5/5).lrd2
        Standard: D.patents_t_2 L2D.ta LD.m_lta LD.m_lrd
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat abond

Arellano-Bond test for zero autocorrelation in first-differenced errors
  +-----------------------+
  |Order |  z     Prob > z|
  |------+----------------|
  |   1  | -6.403  0.0000 |
  |   2  |-.63554  0.5251 |
  +-----------------------+
   H0: no autocorrelation 

. eststo RJVseg_hv

. lincom RJVhor+L1.RJVhor+l2.RJVhor

 ( 1)  RJVhor + L.RJVhor + L2.RJVhor = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0056872    .007583    -0.75   0.453    -.0205495    .0091751
------------------------------------------------------------------------------

. lincom RJVver_sure+L1.RJVver_sure+l2.RJVver_sure

 ( 1)  RJVver_sure + L.RJVver_sure + L2.RJVver_sure = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0433146   .0301853     1.43   0.151    -.0158475    .1024768
------------------------------------------------------------------------------

. lincom RJVver_nsure+L1.RJVver_nsure+l2.RJVver_nsure

 ( 1)  RJVver_nsure + L.RJVver_nsure + L2.RJVver_nsure = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0163927    .012958     1.27   0.206    -.0090045    .0417898
------------------------------------------------------------------------------

. lincom lrd2+L1.lrd2+l2.lrd2

 ( 1)  lrd2 + L.lrd2 + L2.lrd2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0025724   .0011502     2.24   0.025     .0003181    .0048266
------------------------------------------------------------------------------

. 
. displ chi2(50,54)
.67584196

. 
. 
. 
. ***********************
. **** HORIZONTAL SMALL - MEDIUM - LARGE vs VERTICAL RJV
. ***********************
. 
. * regressions with overlap
. xtdpd L(0/1).MS L(0/2).RJVhor_s L(0/2).RJVhor_m L(0/2).RJVhor_l L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lt
> a L(1/1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(2 5)) dgmmiv(RJVhor_s, lag(2 5))  dgmmiv(RJVho
> r_m, lag(2 5))  dgmmiv(RJVhor_l, lag(2 5)) dgmmiv(RJVver_sure, lag(2 5)) dgmmiv(RJVver_nsure, lag(2 5)) dgmmiv(lrd2, lag(2 5))
>   lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep 
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    363               Wald chi2(31)         =   4508.98
                                             Prob > chi2           =    0.0000
Two-step results
------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .8044268   .0138437    58.11   0.000     .7772936      .83156
             |
    RJVhor_s |
         --. |  -.0066948   .0034745    -1.93   0.054    -.0135048    .0001152
         L1. |   .0005321   .0027347     0.19   0.846    -.0048279    .0058921
         L2. |  -.0019552   .0008145    -2.40   0.016    -.0035515   -.0003589
             |
    RJVhor_m |
         --. |  -.0177252   .0034172    -5.19   0.000    -.0244227   -.0110277
         L1. |   .0063627   .0026958     2.36   0.018     .0010791    .0116463
         L2. |  -.0012666   .0007275    -1.74   0.082    -.0026925    .0001593
             |
    RJVhor_l |
         --. |  -.0159832   .0038396    -4.16   0.000    -.0235087   -.0084577
         L1. |  -.0028418   .0026024    -1.09   0.275    -.0079424    .0022587
         L2. |   .0002289   .0009568     0.24   0.811    -.0016463    .0021042
             |
 RJVver_sure |
         --. |    .019094   .0081846     2.33   0.020     .0030524    .0351355
         L1. |   .0178652   .0104395     1.71   0.087    -.0025959    .0383262
         L2. |    .002296    .000699     3.28   0.001     .0009259    .0036661
             |
RJVver_nsure |
         --. |   .0171266   .0052248     3.28   0.001     .0068862     .027367
         L1. |  -.0160902   .0042769    -3.76   0.000    -.0244727   -.0077077
         L2. |   .0005145   .0012679     0.41   0.685    -.0019704    .0029995
             |
        lrd2 |
         --. |   .0057707   .0008563     6.74   0.000     .0040923    .0074491
         L1. |  -.0030622   .0008842    -3.46   0.001    -.0047953   -.0013292
         L2. |  -.0001575   .0002388    -0.66   0.510    -.0006256    .0003107
             |
       m_lta |
         L1. |   .0032609   .0004369     7.46   0.000     .0024047    .0041172
             |
       m_lrd |
         L1. |  -.0023741   .0012435    -1.91   0.056    -.0048112    .0000631
             |
         dy4 |   .0007249   .0002203     3.29   0.001     .0002931    .0011567
         dy5 |  -.0001334   .0001952    -0.68   0.494     -.000516    .0002491
         dy6 |  -.0001673   .0002005    -0.83   0.404    -.0005603    .0002256
         dy7 |   .0002027   .0002032     1.00   0.318    -.0001955     .000601
         dy8 |  -.0008353   .0002042    -4.09   0.000    -.0012355   -.0004351
         dy9 |  -.0007367   .0002079    -3.54   0.000    -.0011442   -.0003293
        dy10 |  -.0011417   .0002049    -5.57   0.000    -.0015433   -.0007401
        dy11 |  -.0011607   .0002091    -5.55   0.000    -.0015706   -.0007509
        dy12 |  -.0013937   .0002236    -6.23   0.000    -.0018319   -.0009556
        dy13 |  -.0022751   .0002354    -9.66   0.000    -.0027365   -.0018137
       _cons |   -.010973    .001871    -5.86   0.000    -.0146402   -.0073058
------------------------------------------------------------------------------
Warning: gmm two-step standard errors are biased; robust standard 
         errors are recommended.
Instruments for differenced equation
        GMM-type: L(2/5).MS L(2/5).RJVhor_s L(2/5).RJVhor_m L(2/5).RJVhor_l
                  L(2/5).RJVver_sure L(2/5).RJVver_nsure L(2/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat sargan
Sargan test of overidentifying restrictions
        H0: overidentifying restrictions are valid

        chi2(331)    =   356.672
        Prob > chi2  =    0.1589

. *no system
. xtdpd L(0/1).MS L(0/2).RJVhor_s L(0/2).RJVhor_m L(0/2).RJVhor_l L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lt
> a L(1/1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(2 5)) dgmmiv(RJVhor_s, lag(2 5))  dgmmiv(RJVho
> r_m, lag(2 5))  dgmmiv(RJVhor_l, lag(2 5)) dgmmiv(RJVver_sure, lag(2 5)) dgmmiv(RJVver_nsure, lag(2 5)) dgmmiv(lrd2, lag(2 5))
>   div(patents_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep 
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    303               Wald chi2(31)         =   1687.92
                                             Prob > chi2           =    0.0000
Two-step results
------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .7350023   .0229278    32.06   0.000     .6900646      .77994
             |
    RJVhor_s |
         --. |  -.0058193   .0037076    -1.57   0.117     -.013086    .0014474
         L1. |   .0075668   .0030209     2.50   0.012     .0016458    .0134877
         L2. |  -.0005274   .0008522    -0.62   0.536    -.0021977     .001143
             |
    RJVhor_m |
         --. |  -.0168943   .0039024    -4.33   0.000    -.0245429   -.0092457
         L1. |   .0087184   .0029365     2.97   0.003     .0029631    .0144737
         L2. |  -.0010372   .0007691    -1.35   0.178    -.0025446    .0004703
             |
    RJVhor_l |
         --. |  -.0124928   .0042805    -2.92   0.004    -.0208823   -.0041032
         L1. |  -.0028055   .0029175    -0.96   0.336    -.0085236    .0029126
         L2. |  -.0006146   .0009759    -0.63   0.529    -.0025273    .0012981
             |
 RJVver_sure |
         --. |  -.0151151   .0123246    -1.23   0.220    -.0392709    .0090408
         L1. |   .0041152   .0076849     0.54   0.592    -.0109469    .0191773
         L2. |  -.0004395    .001383    -0.32   0.751    -.0031501    .0022712
             |
RJVver_nsure |
         --. |   .0143642   .0056344     2.55   0.011     .0033209    .0254075
         L1. |  -.0054318   .0045333    -1.20   0.231    -.0143168    .0034533
         L2. |   .0020573   .0013665     1.51   0.132     -.000621    .0047356
             |
        lrd2 |
         --. |   .0026728   .0012924     2.07   0.039     .0001398    .0052058
         L1. |  -.0014377   .0011571    -1.24   0.214    -.0037055    .0008301
         L2. |  -.0000947   .0002851    -0.33   0.740    -.0006534     .000464
             |
       m_lta |
         L1. |   .0033244   .0006391     5.20   0.000     .0020718    .0045771
             |
       m_lrd |
         L1. |  -.0032959   .0016214    -2.03   0.042    -.0064738   -.0001179
             |
         dy4 |   .0006536    .000229     2.85   0.004     .0002047    .0011024
         dy5 |  -.0000989   .0002066    -0.48   0.632    -.0005038    .0003059
         dy6 |  -.0002103   .0002094    -1.00   0.315    -.0006206    .0002001
         dy7 |   .0001309   .0002129     0.61   0.539    -.0002864    .0005483
         dy8 |  -.0006533   .0002149    -3.04   0.002    -.0010745   -.0002322
         dy9 |  -.0005371   .0002215    -2.42   0.015    -.0009713    -.000103
        dy10 |  -.0008571   .0002119    -4.05   0.000    -.0012724   -.0004419
        dy11 |  -.0008369   .0002235    -3.74   0.000     -.001275   -.0003988
        dy12 |  -.0009657   .0002351    -4.11   0.000    -.0014264    -.000505
        dy13 |  -.0020292   .0002441    -8.31   0.000    -.0025076   -.0015509
       _cons |  -.0078301   .0022532    -3.48   0.001    -.0122462   -.0034139
------------------------------------------------------------------------------
Warning: gmm two-step standard errors are biased; robust standard 
         errors are recommended.
Instruments for differenced equation
        GMM-type: L(2/5).MS L(2/5).RJVhor_s L(2/5).RJVhor_m L(2/5).RJVhor_l
                  L(2/5).RJVver_sure L(2/5).RJVver_nsure L(2/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        Standard: _cons

. estat sargan
Sargan test of overidentifying restrictions
        H0: overidentifying restrictions are valid

        chi2(271)    =  290.3744
        Prob > chi2  =    0.2000

. xtdpd L(0/1).MS L(0/2).RJVhor_s L(0/2).RJVhor_m L(0/2).RJVhor_l L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lt
> a L(1/1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(2 5)) dgmmiv(RJVhor_s, lag(2 5))  dgmmiv(RJVho
> r_m, lag(2 5))  dgmmiv(RJVhor_l, lag(2 5)) dgmmiv(RJVver_sure, lag(2 5)) dgmmiv(RJVver_nsure, lag(2 5)) dgmmiv(lrd2, lag(2 5))
>   lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep vce(r)
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    363               Wald chi2(31)         =    600.89
                                             Prob > chi2           =    0.0000
Two-step results
                                (Std. Err. adjusted for clustering on obs_num)
------------------------------------------------------------------------------
             |              WC-Robust
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .8044268   .0642813    12.51   0.000     .6784378    .9304158
             |
    RJVhor_s |
         --. |  -.0066948   .0067705    -0.99   0.323    -.0199646    .0065751
         L1. |   .0005321   .0042323     0.13   0.900    -.0077631    .0088273
         L2. |  -.0019552   .0013984    -1.40   0.162    -.0046959    .0007856
             |
    RJVhor_m |
         --. |  -.0177252   .0077785    -2.28   0.023    -.0329707   -.0024798
         L1. |   .0063627   .0054986     1.16   0.247    -.0044143    .0171398
         L2. |  -.0012666   .0012385    -1.02   0.306     -.003694    .0011608
             |
    RJVhor_l |
         --. |  -.0159832    .010685    -1.50   0.135    -.0369254     .004959
         L1. |  -.0028418   .0075818    -0.37   0.708    -.0177019    .0120182
         L2. |   .0002289   .0022536     0.10   0.919    -.0041881    .0046459
             |
 RJVver_sure |
         --. |    .019094   .0198816     0.96   0.337    -.0198734    .0580613
         L1. |   .0178652   .0232901     0.77   0.443    -.0277825    .0635129
         L2. |    .002296   .0023833     0.96   0.335    -.0023751    .0069671
             |
RJVver_nsure |
         --. |   .0171266   .0169222     1.01   0.311    -.0160402    .0502935
         L1. |  -.0160902   .0128742    -1.25   0.211    -.0413232    .0091428
         L2. |   .0005145   .0021155     0.24   0.808    -.0036318    .0046608
             |
        lrd2 |
         --. |   .0057707   .0023462     2.46   0.014     .0011723    .0103691
         L1. |  -.0030622   .0023147    -1.32   0.186    -.0075991    .0014746
         L2. |  -.0001575   .0004065    -0.39   0.698    -.0009541    .0006392
             |
       m_lta |
         L1. |   .0032609   .0005497     5.93   0.000     .0021835    .0043384
             |
       m_lrd |
         L1. |  -.0023741   .0018207    -1.30   0.192    -.0059425    .0011944
             |
         dy4 |   .0007249    .000245     2.96   0.003     .0002447    .0012051
         dy5 |  -.0001334    .000221    -0.60   0.546    -.0005665    .0002997
         dy6 |  -.0001673    .000239    -0.70   0.484    -.0006357     .000301
         dy7 |   .0002027   .0002367     0.86   0.392    -.0002611    .0006666
         dy8 |  -.0008353   .0002468    -3.38   0.001    -.0013191   -.0003515
         dy9 |  -.0007367   .0002563    -2.87   0.004    -.0012391   -.0002343
        dy10 |  -.0011417   .0002933    -3.89   0.000    -.0017165   -.0005668
        dy11 |  -.0011607    .000297    -3.91   0.000    -.0017428   -.0005787
        dy12 |  -.0013937   .0002942    -4.74   0.000    -.0019703   -.0008172
        dy13 |  -.0022751   .0002843    -8.00   0.000    -.0028323   -.0017179
       _cons |   -.010973   .0026938    -4.07   0.000    -.0162527   -.0056933
------------------------------------------------------------------------------
Instruments for differenced equation
        GMM-type: L(2/5).MS L(2/5).RJVhor_s L(2/5).RJVhor_m L(2/5).RJVhor_l
                  L(2/5).RJVver_sure L(2/5).RJVver_nsure L(2/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat abond

Arellano-Bond test for zero autocorrelation in first-differenced errors
  +-----------------------+
  |Order |  z     Prob > z|
  |------+----------------|
  |   1  |-6.0568  0.0000 |
  |   2  |-.58811  0.5565 |
  +-----------------------+
   H0: no autocorrelation 

. eststo RJVseg_sml

. lincom RJVhor_s+L1.RJVhor_s+l2.RJVhor_s

 ( 1)  RJVhor_s + L.RJVhor_s + L2.RJVhor_s = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0081178   .0058079    -1.40   0.162    -.0195011    .0032654
------------------------------------------------------------------------------

. lincom RJVhor_m+L1.RJVhor_m+l2.RJVhor_m

 ( 1)  RJVhor_m + L.RJVhor_m + L2.RJVhor_m = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0126291    .005856    -2.16   0.031    -.0241068   -.0011515
------------------------------------------------------------------------------

. lincom RJVhor_l+L1.RJVhor_l+l2.RJVhor_l

 ( 1)  RJVhor_l + L.RJVhor_l + L2.RJVhor_l = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0185961   .0096866    -1.92   0.055    -.0375815    .0003892
------------------------------------------------------------------------------

. lincom RJVver_sure+L1.RJVver_sure+l2.RJVver_sure

 ( 1)  RJVver_sure + L.RJVver_sure + L2.RJVver_sure = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0392551   .0226488     1.73   0.083    -.0051357    .0836459
------------------------------------------------------------------------------

. lincom RJVver_nsure+L1.RJVver_nsure+l2.RJVver_nsure

 ( 1)  RJVver_nsure + L.RJVver_nsure + L2.RJVver_nsure = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |    .001551   .0090452     0.17   0.864    -.0161773    .0192792
------------------------------------------------------------------------------

. lincom lrd2+L1.lrd2+l2.lrd2

 ( 1)  lrd2 + L.lrd2 + L2.lrd2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |    .002551   .0008663     2.94   0.003     .0008532    .0042488
------------------------------------------------------------------------------

. 
. displ chi2(60,66)
.72269863

. 
. 
. ***********************
. **** HORIZONTAL SMALL - MEDIUM - LARGE vs VERTICAL RJV
. ****    network based on MS
. ***********************
. 
. 
. xtdpd L(0/1).MS L(0/2).RJVhorMS_s L(0/2).RJVhorMS_m L(0/2).RJVhorMS_l L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1
> ).m_lta L(1/1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(2 5)) dgmmiv(RJVhorMS_s, lag(2 5))  dgmm
> iv(RJVhorMS_m, lag(2 5))  dgmmiv(RJVhorMS_l, lag(2 5)) dgmmiv(RJVver_sure, lag(2 5)) dgmmiv(RJVver_nsure, lag(2 5)) dgmmiv(lrd
> 2, lag(2 5))  lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep 
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    363               Wald chi2(31)         =   4148.45
                                             Prob > chi2           =    0.0000
Two-step results
------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .7965312   .0140967    56.50   0.000     .7689021    .8241603
             |
  RJVhorMS_s |
         --. |  -.0090343     .00399    -2.26   0.024    -.0168547    -.001214
         L1. |   .0022928   .0029852     0.77   0.442    -.0035582    .0081438
         L2. |  -.0000918   .0009331    -0.10   0.922    -.0019206    .0017371
             |
  RJVhorMS_m |
         --. |  -.0126652   .0036674    -3.45   0.001    -.0198533   -.0054772
         L1. |   .0030394   .0028994     1.05   0.295    -.0026434    .0087222
         L2. |  -.0004474   .0007662    -0.58   0.559    -.0019493    .0010544
             |
  RJVhorMS_l |
         --. |  -.0230048   .0050059    -4.60   0.000    -.0328162   -.0131933
         L1. |   .0107249   .0041516     2.58   0.010      .002588    .0188618
         L2. |  -.0004494   .0009818    -0.46   0.647    -.0023737     .001475
             |
 RJVver_sure |
         --. |    .014547   .0087598     1.66   0.097    -.0026219    .0317159
         L1. |   .0197053   .0105348     1.87   0.061    -.0009427    .0403532
         L2. |   .0021585   .0008484     2.54   0.011     .0004957    .0038213
             |
RJVver_nsure |
         --. |   .0169818   .0060354     2.81   0.005     .0051527    .0288109
         L1. |   -.015079   .0047841    -3.15   0.002    -.0244557   -.0057022
         L2. |   .0019595   .0014256     1.37   0.169    -.0008346    .0047537
             |
        lrd2 |
         --. |   .0055894   .0009365     5.97   0.000      .003754    .0074249
         L1. |  -.0030794   .0009956    -3.09   0.002    -.0050307   -.0011281
         L2. |  -.0000719   .0002416    -0.30   0.766    -.0005453    .0004016
             |
       m_lta |
         L1. |   .0032235   .0004455     7.24   0.000     .0023504    .0040966
             |
       m_lrd |
         L1. |  -.0020937   .0013213    -1.58   0.113    -.0046835     .000496
             |
         dy4 |   .0007648   .0002198     3.48   0.001      .000334    .0011957
         dy5 |  -.0001601   .0001962    -0.82   0.414    -.0005447    .0002244
         dy6 |  -.0001518   .0002017    -0.75   0.452     -.000547    .0002434
         dy7 |   .0000995   .0002044     0.49   0.626    -.0003011    .0005001
         dy8 |  -.0007719   .0002064    -3.74   0.000    -.0011765   -.0003673
         dy9 |    -.00075   .0002129    -3.52   0.000    -.0011672   -.0003329
        dy10 |  -.0011525   .0002153    -5.35   0.000    -.0015744   -.0007305
        dy11 |  -.0012712   .0002155    -5.90   0.000    -.0016937   -.0008488
        dy12 |  -.0014611   .0002302    -6.35   0.000    -.0019123     -.00101
        dy13 |  -.0023022   .0002446    -9.41   0.000    -.0027815   -.0018229
       _cons |  -.0108179   .0019193    -5.64   0.000    -.0145797   -.0070562
------------------------------------------------------------------------------
Warning: gmm two-step standard errors are biased; robust standard 
         errors are recommended.
Instruments for differenced equation
        GMM-type: L(2/5).MS L(2/5).RJVhorMS_s L(2/5).RJVhorMS_m
                  L(2/5).RJVhorMS_l L(2/5).RJVver_sure L(2/5).RJVver_nsure
                  L(2/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat sargan
Sargan test of overidentifying restrictions
        H0: overidentifying restrictions are valid

        chi2(331)    =  362.3161
        Prob > chi2  =    0.1138

. *no system
. xtdpd L(0/1).MS L(0/2).RJVhorMS_s L(0/2).RJVhorMS_m L(0/2).RJVhorMS_l L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1
> ).m_lta L(1/1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(2 5)) dgmmiv(RJVhorMS_s, lag(2 5))  dgmm
> iv(RJVhorMS_m, lag(2 5))  dgmmiv(RJVhorMS_l, lag(2 5)) dgmmiv(RJVver_sure, lag(2 5)) dgmmiv(RJVver_nsure, lag(2 5)) dgmmiv(lrd
> 2, lag(2 5))  div(patents_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep 
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    303               Wald chi2(31)         =   1589.28
                                             Prob > chi2           =    0.0000
Two-step results
------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .7241719   .0224548    32.25   0.000     .6801612    .7681826
             |
  RJVhorMS_s |
         --. |  -.0123022   .0043899    -2.80   0.005    -.0209061   -.0036982
         L1. |   .0088628   .0030938     2.86   0.004     .0027991    .0149265
         L2. |   .0001464   .0008922     0.16   0.870    -.0016024    .0018951
             |
  RJVhorMS_m |
         --. |  -.0175071   .0041054    -4.26   0.000    -.0255535   -.0094607
         L1. |   .0092931   .0030417     3.06   0.002     .0033314    .0152547
         L2. |  -.0000556   .0007664    -0.07   0.942    -.0015576    .0014464
             |
  RJVhorMS_l |
         --. |  -.0188354   .0051348    -3.67   0.000    -.0288995   -.0087713
         L1. |   .0098286   .0041444     2.37   0.018     .0017057    .0179516
         L2. |  -.0011607   .0010122    -1.15   0.252    -.0031446    .0008233
             |
 RJVver_sure |
         --. |  -.0120101   .0127601    -0.94   0.347    -.0370195    .0129992
         L1. |   .0017477   .0078328     0.22   0.823    -.0136043    .0170997
         L2. |  -.0001607   .0016549    -0.10   0.923    -.0034042    .0030828
             |
RJVver_nsure |
         --. |   .0115325   .0063759     1.81   0.070     -.000964     .024029
         L1. |  -.0032245    .004908    -0.66   0.511     -.012844    .0063949
         L2. |   .0024679   .0014524     1.70   0.089    -.0003787    .0053145
             |
        lrd2 |
         --. |    .004598   .0013073     3.52   0.000     .0020358    .0071602
         L1. |  -.0011075   .0011682    -0.95   0.343    -.0033972    .0011821
         L2. |   .0001347    .000273     0.49   0.622    -.0004004    .0006697
             |
       m_lta |
         L1. |    .002504   .0006361     3.94   0.000     .0012572    .0037508
             |
       m_lrd |
         L1. |  -.0031789   .0015796    -2.01   0.044    -.0062749    -.000083
             |
         dy4 |   .0006217    .000229     2.71   0.007     .0001729    .0010705
         dy5 |  -.0001603   .0002034    -0.79   0.431    -.0005589    .0002383
         dy6 |  -.0002145     .00021    -1.02   0.307     -.000626     .000197
         dy7 |    .000045    .000211     0.21   0.831    -.0003687    .0004586
         dy8 |   -.000598   .0002162    -2.77   0.006    -.0010218   -.0001742
         dy9 |  -.0006026    .000223    -2.70   0.007    -.0010396   -.0001656
        dy10 |  -.0009576   .0002214    -4.32   0.000    -.0013916   -.0005236
        dy11 |  -.0010463   .0002326    -4.50   0.000    -.0015021   -.0005904
        dy12 |  -.0010892   .0002406    -4.53   0.000    -.0015609   -.0006176
        dy13 |  -.0020081   .0002508    -8.01   0.000    -.0024998   -.0015165
       _cons |  -.0057096   .0022906    -2.49   0.013     -.010199   -.0012201
------------------------------------------------------------------------------
Warning: gmm two-step standard errors are biased; robust standard 
         errors are recommended.
Instruments for differenced equation
        GMM-type: L(2/5).MS L(2/5).RJVhorMS_s L(2/5).RJVhorMS_m
                  L(2/5).RJVhorMS_l L(2/5).RJVver_sure L(2/5).RJVver_nsure
                  L(2/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        Standard: _cons

. estat sargan
Sargan test of overidentifying restrictions
        H0: overidentifying restrictions are valid

        chi2(271)    =  287.8606
        Prob > chi2  =    0.2302

. xtdpd L(0/1).MS L(0/2).RJVhorMS_s L(0/2).RJVhorMS_m L(0/2).RJVhorMS_l L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1
> ).m_lta L(1/1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(2 5)) dgmmiv(RJVhorMS_s, lag(2 5))  dgmm
> iv(RJVhorMS_m, lag(2 5))  dgmmiv(RJVhorMS_l, lag(2 5)) dgmmiv(RJVver_sure, lag(2 5)) dgmmiv(RJVver_nsure, lag(2 5)) dgmmiv(lrd
> 2, lag(2 5))  lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep vce
> (r)
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    363               Wald chi2(31)         =    527.29
                                             Prob > chi2           =    0.0000
Two-step results
                                (Std. Err. adjusted for clustering on obs_num)
------------------------------------------------------------------------------
             |              WC-Robust
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .7965312   .0599362    13.29   0.000     .6790584    .9140041
             |
  RJVhorMS_s |
         --. |  -.0090343   .0086286    -1.05   0.295    -.0259461    .0078775
         L1. |   .0022928     .00697     0.33   0.742    -.0113681    .0159537
         L2. |  -.0000918   .0014506    -0.06   0.950     -.002935    .0027514
             |
  RJVhorMS_m |
         --. |  -.0126652   .0097544    -1.30   0.194    -.0317836    .0064531
         L1. |   .0030394   .0075858     0.40   0.689    -.0118285    .0179072
         L2. |  -.0004474   .0012588    -0.36   0.722    -.0029146    .0020197
             |
  RJVhorMS_l |
         --. |  -.0230048   .0103694    -2.22   0.027    -.0433283   -.0026812
         L1. |   .0107249   .0078699     1.36   0.173    -.0046998    .0261496
         L2. |  -.0004494   .0021246    -0.21   0.832    -.0046135    .0037148
             |
 RJVver_sure |
         --. |    .014547   .0222846     0.65   0.514      -.02913     .058224
         L1. |   .0197053   .0238988     0.82   0.410    -.0271355     .066546
         L2. |   .0021585   .0017256     1.25   0.211    -.0012237    .0055406
             |
RJVver_nsure |
         --. |   .0169818   .0151261     1.12   0.262    -.0126648    .0466284
         L1. |   -.015079   .0115728    -1.30   0.193    -.0377612    .0076032
         L2. |   .0019595   .0021526     0.91   0.363    -.0022594    .0061785
             |
        lrd2 |
         --. |   .0055894    .002408     2.32   0.020     .0008698     .010309
         L1. |  -.0030794    .002571    -1.20   0.231    -.0081185    .0019598
         L2. |  -.0000719   .0003925    -0.18   0.855    -.0008412    .0006975
             |
       m_lta |
         L1. |   .0032235   .0005538     5.82   0.000      .002138     .004309
             |
       m_lrd |
         L1. |  -.0020937   .0020055    -1.04   0.296    -.0060245     .001837
             |
         dy4 |   .0007648    .000262     2.92   0.004     .0002513    .0012784
         dy5 |  -.0001601   .0002322    -0.69   0.491    -.0006153     .000295
         dy6 |  -.0001518    .000259    -0.59   0.558    -.0006595    .0003559
         dy7 |   .0000995   .0002658     0.37   0.708    -.0004215    .0006205
         dy8 |  -.0007719   .0002537    -3.04   0.002    -.0012691   -.0002747
         dy9 |    -.00075   .0002841    -2.64   0.008    -.0013069   -.0001931
        dy10 |  -.0011525   .0003018    -3.82   0.000     -.001744    -.000561
        dy11 |  -.0012712   .0002984    -4.26   0.000    -.0018561   -.0006864
        dy12 |  -.0014611   .0003058    -4.78   0.000    -.0020606   -.0008617
        dy13 |  -.0023022      .0003    -7.67   0.000    -.0028901   -.0017143
       _cons |  -.0108179   .0027889    -3.88   0.000    -.0162841   -.0053518
------------------------------------------------------------------------------
Instruments for differenced equation
        GMM-type: L(2/5).MS L(2/5).RJVhorMS_s L(2/5).RJVhorMS_m
                  L(2/5).RJVhorMS_l L(2/5).RJVver_sure L(2/5).RJVver_nsure
                  L(2/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat abond

Arellano-Bond test for zero autocorrelation in first-differenced errors
  +-----------------------+
  |Order |  z     Prob > z|
  |------+----------------|
  |   1  |-6.1139  0.0000 |
  |   2  |-.59004  0.5552 |
  +-----------------------+
   H0: no autocorrelation 

. eststo RJVseg_sml_ms

. lincom RJVhorMS_s+L1.RJVhorMS_s+l2.RJVhorMS_s

 ( 1)  RJVhorMS_s + L.RJVhorMS_s + L2.RJVhorMS_s = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0068333    .005256    -1.30   0.194    -.0171349    .0034683
------------------------------------------------------------------------------

. lincom RJVhorMS_m+L1.RJVhorMS_m+l2.RJVhorMS_m

 ( 1)  RJVhorMS_m + L.RJVhorMS_m + L2.RJVhorMS_m = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0100733   .0058809    -1.71   0.087    -.0215997    .0014531
------------------------------------------------------------------------------

. lincom RJVhorMS_l+L1.RJVhorMS_l+l2.RJVhorMS_l

 ( 1)  RJVhorMS_l + L.RJVhorMS_l + L2.RJVhorMS_l = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0127292   .0075107    -1.69   0.090      -.02745    .0019916
------------------------------------------------------------------------------

. lincom RJVver_sure+L1.RJVver_sure+l2.RJVver_sure

 ( 1)  RJVver_sure + L.RJVver_sure + L2.RJVver_sure = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0364107   .0239202     1.52   0.128    -.0104719    .0832934
------------------------------------------------------------------------------

. lincom RJVver_nsure+L1.RJVver_nsure+l2.RJVver_nsure

 ( 1)  RJVver_nsure + L.RJVver_nsure + L2.RJVver_nsure = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0038624   .0087013     0.44   0.657     -.013192    .0209167
------------------------------------------------------------------------------

. lincom lrd2+L1.lrd2+l2.lrd2

 ( 1)  lrd2 + L.lrd2 + L2.lrd2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0024382   .0008399     2.90   0.004     .0007921    .0040843
------------------------------------------------------------------------------

. 
. displ chi2(60,75)
.9080983

. 
. 
. ******
. *** VERTICAL SMALL - MEDIUM - LARGE
. ******
. 
. gen RJVver_s=0

. replace  RJVver_s= RJVver_sure if links2_ver<=8
(678 real changes made)

. gen RJVver_m=0

. replace  RJVver_m= RJVver_sure if links2_ver>8 & links2_ver<=57
(1250 real changes made)

. gen RJVver_l=0

. replace  RJVver_l= RJVver_sure if links2_ver>57
(302 real changes made)

. 
. 
. 
. xtdpd L(0/1).MS L(0/2).RJVhor L(0/2).RJVver_s L(0/2).RJVver_m L(0/2).RJVver_l L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lta L(1
> /1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(3 5)) dgmmiv(RJVhor, lag(3 5)) dgmmiv(RJVver_s, lag
> (3 5))  dgmmiv(RJVver_m, lag(2 5))  dgmmiv(RJVver_l, lag(3 5)) dgmmiv(RJVver_nsure, lag(3 5)) dgmmiv(lrd2, lag(3 5))  lgmmiv(l
> (3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    287               Wald chi2(31)         =  11899.78
                                             Prob > chi2           =    0.0000
Two-step results
------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .7943697   .0145971    54.42   0.000     .7657599    .8229795
             |
      RJVhor |
         --. |  -.0138442   .0034519    -4.01   0.000    -.0206098   -.0070786
         L1. |   .0028896   .0034792     0.83   0.406    -.0039295    .0097086
         L2. |  -.0046401   .0024266    -1.91   0.056    -.0093962     .000116
             |
    RJVver_s |
         --. |   .0196058   .0065544     2.99   0.003     .0067595    .0324521
         L1. |   -.000796   .0060538    -0.13   0.895    -.0126613    .0110692
         L2. |   .0318549   .0065773     4.84   0.000     .0189637    .0447462
             |
    RJVver_m |
         --. |   .0196248   .0064721     3.03   0.002     .0069397    .0323099
         L1. |   .0078393   .0062538     1.25   0.210    -.0044179    .0200966
         L2. |   .0160751    .005245     3.06   0.002     .0057952     .026355
             |
    RJVver_l |
         --. |   .0249747   .0073398     3.40   0.001     .0105889    .0393605
         L1. |  -.0020955   .0079229    -0.26   0.791    -.0176241    .0134332
         L2. |   .0730854   .0083313     8.77   0.000     .0567564    .0894145
             |
RJVver_nsure |
         --. |   .0329297    .009519     3.46   0.001     .0142729    .0515865
         L1. |  -.0359392   .0107207    -3.35   0.001    -.0569514    -.014927
         L2. |   -.000225   .0069458    -0.03   0.974    -.0138386    .0133886
             |
        lrd2 |
         --. |    .007985    .000962     8.30   0.000     .0060995    .0098704
         L1. |  -.0039482   .0011376    -3.47   0.001    -.0061779   -.0017185
         L2. |  -.0008706   .0007864    -1.11   0.268    -.0024119    .0006708
             |
       m_lta |
         L1. |   .0039316   .0004925     7.98   0.000     .0029663    .0048969
             |
       m_lrd |
         L1. |  -.0025486   .0012365    -2.06   0.039     -.004972   -.0001251
             |
         dy4 |   .0005614   .0002614     2.15   0.032     .0000491    .0010736
         dy5 |  -.0002515   .0002303    -1.09   0.275    -.0007029       .0002
         dy6 |  -.0002112    .000232    -0.91   0.362    -.0006659    .0002434
         dy7 |   .0000788   .0002287     0.34   0.731    -.0003695    .0005271
         dy8 |   -.000925   .0002375    -3.89   0.000    -.0013905   -.0004595
         dy9 |  -.0009237   .0002416    -3.82   0.000    -.0013972   -.0004502
        dy10 |  -.0013875   .0002484    -5.59   0.000    -.0018744   -.0009006
        dy11 |  -.0015374   .0002666    -5.77   0.000    -.0020599   -.0010149
        dy12 |  -.0016234   .0002651    -6.12   0.000     -.002143   -.0011037
        dy13 |  -.0023825   .0002755    -8.65   0.000    -.0029225   -.0018426
       _cons |  -.0131727   .0021225    -6.21   0.000    -.0173326   -.0090127
------------------------------------------------------------------------------
Warning: gmm two-step standard errors are biased; robust standard 
         errors are recommended.
Instruments for differenced equation
        GMM-type: L(3/5).MS L(3/5).RJVhor L(3/5).RJVver_s L(2/5).RJVver_m
                  L(3/5).RJVver_l L(3/5).RJVver_nsure L(3/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat sargan
Sargan test of overidentifying restrictions
        H0: overidentifying restrictions are valid

        chi2(255)    =  274.1888
        Prob > chi2  =    0.1953

. *no system
. xtdpd L(0/1).MS L(0/2).RJVhor L(0/2).RJVver_s L(0/2).RJVver_m L(0/2).RJVver_l L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lta L(1
> /1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(3 5)) dgmmiv(RJVhor, lag(3 5)) dgmmiv(RJVver_s, lag
> (3 5))  dgmmiv(RJVver_m, lag(2 5))  dgmmiv(RJVver_l, lag(3 5)) dgmmiv(RJVver_nsure, lag(3 5)) dgmmiv(lrd2, lag(3 5))  div(pate
> nts_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    227               Wald chi2(31)         =   9303.06
                                             Prob > chi2           =    0.0000
Two-step results
------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |    .708005   .0254696    27.80   0.000     .6580854    .7579245
             |
      RJVhor |
         --. |  -.0157974   .0037616    -4.20   0.000      -.02317   -.0084249
         L1. |    .023112   .0039092     5.91   0.000     .0154502    .0307738
         L2. |  -.0134654   .0030396    -4.43   0.000    -.0194229   -.0075079
             |
    RJVver_s |
         --. |   -.002634   .0075566    -0.35   0.727    -.0174448    .0121768
         L1. |  -.0453144   .0126548    -3.58   0.000    -.0701174   -.0205115
         L2. |   .0031636   .0045764     0.69   0.489     -.005806    .0121332
             |
    RJVver_m |
         --. |  -.0160317   .0082432    -1.94   0.052     -.032188    .0001246
         L1. |  -.0420686   .0122561    -3.43   0.001    -.0660901   -.0180472
         L2. |   -.002403    .003181    -0.76   0.450    -.0086376    .0038315
             |
    RJVver_l |
         --. |  -.0376612   .0091831    -4.10   0.000    -.0556597   -.0196626
         L1. |  -.0936957   .0125622    -7.46   0.000    -.1183172   -.0690742
         L2. |  -.0065309   .0097235    -0.67   0.502    -.0255885    .0125268
             |
RJVver_nsure |
         --. |   .0150591   .0102983     1.46   0.144    -.0051251    .0352434
         L1. |  -.0171933    .014126    -1.22   0.224    -.0448799    .0104932
         L2. |   .0034967   .0083968     0.42   0.677    -.0129607     .019954
             |
        lrd2 |
         --. |   .0029901   .0015289     1.96   0.051    -6.53e-06    .0059866
         L1. |  -.0023189   .0012474    -1.86   0.063    -.0047638    .0001259
         L2. |  -.0007475    .001107    -0.68   0.500    -.0029172    .0014221
             |
       m_lta |
         L1. |   .0040447   .0008083     5.00   0.000     .0024604     .005629
             |
       m_lrd |
         L1. |  -.0019773   .0013633    -1.45   0.147    -.0046493    .0006947
             |
         dy4 |   .0005184   .0002814     1.84   0.065    -.0000332      .00107
         dy5 |  -.0004627   .0002387    -1.94   0.053    -.0009306    5.23e-06
         dy6 |  -.0005231    .000242    -2.16   0.031    -.0009973   -.0000489
         dy7 |  -.0002077   .0002435    -0.85   0.394     -.000685    .0002697
         dy8 |  -.0009707   .0002511    -3.87   0.000    -.0014628   -.0004785
         dy9 |   -.000966   .0002583    -3.74   0.000    -.0014723   -.0004598
        dy10 |   -.001151    .000277    -4.16   0.000    -.0016939   -.0006081
        dy11 |   -.001169   .0003116    -3.75   0.000    -.0017797   -.0005584
        dy12 |  -.0012576   .0003041    -4.13   0.000    -.0018537   -.0006615
        dy13 |  -.0021484   .0003159    -6.80   0.000    -.0027676   -.0015293
       _cons |  -.0094039   .0029644    -3.17   0.002    -.0152141   -.0035937
------------------------------------------------------------------------------
Warning: gmm two-step standard errors are biased; robust standard 
         errors are recommended.
Instruments for differenced equation
        GMM-type: L(3/5).MS L(3/5).RJVhor L(3/5).RJVver_s L(2/5).RJVver_m
                  L(3/5).RJVver_l L(3/5).RJVver_nsure L(3/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        Standard: _cons

. estat sargan
Sargan test of overidentifying restrictions
        H0: overidentifying restrictions are valid

        chi2(195)    =  203.1114
        Prob > chi2  =    0.3304

. xtdpd L(0/1).MS L(0/2).RJVhor L(0/2).RJVver_s L(0/2).RJVver_m L(0/2).RJVver_l L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lta L(1
> /1).m_lrd dy2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(3 5)) dgmmiv(RJVhor, lag(3 5)) dgmmiv(RJVver_s, lag
> (3 5))  dgmmiv(RJVver_m, lag(2 5))  dgmmiv(RJVver_l, lag(3 5)) dgmmiv(RJVver_nsure, lag(3 5)) dgmmiv(lrd2, lag(3 5))  lgmmiv(l
> (3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep vce(r)
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    287               Wald chi2(31)         =    460.86
                                             Prob > chi2           =    0.0000
Two-step results
                                (Std. Err. adjusted for clustering on obs_num)
------------------------------------------------------------------------------
             |              WC-Robust
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .7943697   .0691842    11.48   0.000     .6587713    .9299682
             |
      RJVhor |
         --. |  -.0138442   .0166668    -0.83   0.406    -.0465104     .018822
         L1. |   .0028896   .0110773     0.26   0.794    -.0188215    .0246007
         L2. |  -.0046401   .0085264    -0.54   0.586    -.0213514    .0120713
             |
    RJVver_s |
         --. |   .0196058   .0228413     0.86   0.391    -.0251622    .0643738
         L1. |   -.000796   .0241365    -0.03   0.974    -.0481026    .0465106
         L2. |   .0318549    .026501     1.20   0.229     -.020086    .0837959
             |
    RJVver_m |
         --. |   .0196248    .025505     0.77   0.442    -.0303641    .0696137
         L1. |   .0078393   .0226328     0.35   0.729    -.0365201    .0521988
         L2. |   .0160751    .017906     0.90   0.369      -.01902    .0511702
             |
    RJVver_l |
         --. |   .0249747   .0489452     0.51   0.610     -.070956    .1209055
         L1. |  -.0020955   .0425523    -0.05   0.961    -.0854965    .0813056
         L2. |   .0730854   .0529409     1.38   0.167    -.0306769    .1768478
             |
RJVver_nsure |
         --. |   .0329297   .0276395     1.19   0.233    -.0212427    .0871021
         L1. |  -.0359392   .0218801    -1.64   0.100    -.0788234    .0069451
         L2. |   -.000225   .0161572    -0.01   0.989    -.0318925    .0314424
             |
        lrd2 |
         --. |    .007985   .0030646     2.61   0.009     .0019786    .0139914
         L1. |  -.0039482   .0057755    -0.68   0.494    -.0152679    .0073715
         L2. |  -.0008706   .0027248    -0.32   0.749    -.0062111      .00447
             |
       m_lta |
         L1. |   .0039316   .0008691     4.52   0.000     .0022282     .005635
             |
       m_lrd |
         L1. |  -.0025486   .0037329    -0.68   0.495    -.0098649    .0047678
             |
         dy4 |   .0005614   .0003346     1.68   0.093    -.0000945    .0012173
         dy5 |  -.0002515   .0003122    -0.81   0.421    -.0008633    .0003604
         dy6 |  -.0002112   .0002947    -0.72   0.473    -.0007888    .0003663
         dy7 |   .0000788    .000284     0.28   0.782    -.0004779    .0006355
         dy8 |   -.000925   .0002955    -3.13   0.002    -.0015041   -.0003459
         dy9 |  -.0009237   .0003152    -2.93   0.003    -.0015415   -.0003059
        dy10 |  -.0013875   .0003666    -3.79   0.000     -.002106   -.0006691
        dy11 |  -.0015374   .0003934    -3.91   0.000    -.0023084   -.0007664
        dy12 |  -.0016234   .0003934    -4.13   0.000    -.0023944   -.0008524
        dy13 |  -.0023825   .0004393    -5.42   0.000    -.0032435   -.0015216
       _cons |  -.0131727   .0036677    -3.59   0.000    -.0203612   -.0059842
------------------------------------------------------------------------------
Instruments for differenced equation
        GMM-type: L(3/5).MS L(3/5).RJVhor L(3/5).RJVver_s L(2/5).RJVver_m
                  L(3/5).RJVver_l L(3/5).RJVver_nsure L(3/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat abond

Arellano-Bond test for zero autocorrelation in first-differenced errors
  +-----------------------+
  |Order |  z     Prob > z|
  |------+----------------|
  |   1  |-6.1113  0.0000 |
  |   2  |-.59076  0.5547 |
  +-----------------------+
   H0: no autocorrelation 

. eststo RJVseg_ver_sml

. lincom RJVhor+L1.RJVhor+l2.RJVhor

 ( 1)  RJVhor + L.RJVhor + L2.RJVhor = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0155947   .0071954    -2.17   0.030    -.0296973    -.001492
------------------------------------------------------------------------------

. lincom RJVver_s+L1.RJVver_s+l2.RJVver_s

 ( 1)  RJVver_s + L.RJVver_s + L2.RJVver_s = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0506647   .0295212     1.72   0.086    -.0071957    .1085251
------------------------------------------------------------------------------

. lincom RJVver_m+L1.RJVver_m+l2.RJVver_m

 ( 1)  RJVver_m + L.RJVver_m + L2.RJVver_m = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0435393    .036125     1.21   0.228    -.0272645     .114343
------------------------------------------------------------------------------

. lincom RJVver_l+L1.RJVver_l+l2.RJVver_l

 ( 1)  RJVver_l + L.RJVver_l + L2.RJVver_l = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0959647   .0449759     2.13   0.033     .0078136    .1841158
------------------------------------------------------------------------------

. lincom RJVver_nsure+L1.RJVver_nsure+l2.RJVver_nsure

 ( 1)  RJVver_nsure + L.RJVver_nsure + L2.RJVver_nsure = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0032345   .0117339    -0.28   0.783    -.0262325    .0197635
------------------------------------------------------------------------------

. lincom lrd2+L1.lrd2+l2.lrd2

 ( 1)  lrd2 + L.lrd2 + L2.lrd2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0031662   .0013767     2.30   0.021      .000468    .0058644
------------------------------------------------------------------------------

. 
. displ chi2(60,71)
.84342851

. 
. ***********************
. * continuous effect
. ***********************
. 
. xtdpd L(0/1).MS L(0/2).network L(0/2).network2 L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lta L(1/1).m_lrd dy
> 2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(2 5)) dgmmiv(network, lag(2 5))  dgmmiv(network2, lag(2 5))  dg
> mmiv(RJVver_sure, lag(2 5)) dgmmiv(RJVver_nsure, lag(2 5)) dgmmiv(lrd2, lag(2 5))  lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_
> t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep vce(r)
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    322               Wald chi2(28)         =    565.60
                                             Prob > chi2           =    0.0000
Two-step results
                                (Std. Err. adjusted for clustering on obs_num)
------------------------------------------------------------------------------
             |              WC-Robust
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .7762401   .0597074    13.00   0.000     .6592158    .8932644
             |
     network |
         --. |  -.1718929    .108324    -1.59   0.113     -.384204    .0404182
         L1. |   .0260269   .0931904     0.28   0.780    -.1566229    .2086768
         L2. |   -.035558   .0343579    -1.03   0.301    -.1028982    .0317822
             |
    network2 |
         --. |   .0277759   .1774641     0.16   0.876    -.3200473    .3755992
         L1. |   .0005767   .1706584     0.00   0.997    -.3339075     .335061
         L2. |   .1303573   .0937192     1.39   0.164    -.0533291    .3140436
             |
 RJVver_sure |
         --. |   .0227807    .021993     1.04   0.300    -.0203248    .0658861
         L1. |   .0163537    .023174     0.71   0.480    -.0290665    .0617739
         L2. |   .0020964   .0020943     1.00   0.317    -.0020085    .0062012
             |
RJVver_nsure |
         --. |   .0315576   .0231717     1.36   0.173    -.0138581    .0769734
         L1. |  -.0273588   .0182244    -1.50   0.133     -.063078    .0083603
         L2. |  -4.71e-06   .0023663    -0.00   0.998    -.0046425    .0046331
             |
        lrd2 |
         --. |   .0057584   .0033802     1.70   0.088    -.0008665    .0123834
         L1. |  -.0026883   .0032772    -0.82   0.412    -.0091115    .0037348
         L2. |  -.0003622   .0004371    -0.83   0.407    -.0012189    .0004946
             |
       m_lta |
         L1. |   .0034995   .0005869     5.96   0.000     .0023492    .0046498
             |
       m_lrd |
         L1. |  -.0013652   .0026648    -0.51   0.608    -.0065881    .0038576
             |
         dy4 |   .0007533   .0002433     3.10   0.002     .0002763    .0012302
         dy5 |  -.0000143   .0002613    -0.05   0.956    -.0005265    .0004978
         dy6 |  -.0000106    .000268    -0.04   0.968    -.0005359    .0005147
         dy7 |   .0001724   .0002886     0.60   0.550    -.0003933    .0007381
         dy8 |  -.0008019    .000317    -2.53   0.011    -.0014233   -.0001806
         dy9 |  -.0007103    .000317    -2.24   0.025    -.0013316   -.0000889
        dy10 |  -.0011516   .0003816    -3.02   0.003    -.0018995   -.0004038
        dy11 |  -.0012484    .000361    -3.46   0.001     -.001956   -.0005409
        dy12 |  -.0014999   .0003926    -3.82   0.000    -.0022693   -.0007305
        dy13 |  -.0024171   .0003921    -6.17   0.000    -.0031856   -.0016487
       _cons |  -.0122814   .0032348    -3.80   0.000    -.0186216   -.0059413
------------------------------------------------------------------------------
Instruments for differenced equation
        GMM-type: L(2/5).MS L(2/5).network L(2/5).network2
                  L(2/5).RJVver_sure L(2/5).RJVver_nsure L(2/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        GMM-type: L4D.MS L5D.MS L6D.MS L7D.MS L4D.lrd2 L5D.lrd2 L6D.lrd2
                  L7D.lrd2
        Standard: _cons

. estat abond

Arellano-Bond test for zero autocorrelation in first-differenced errors
  +-----------------------+
  |Order |  z     Prob > z|
  |------+----------------|
  |   1  |-6.1844  0.0000 |
  |   2  |-.66928  0.5033 |
  +-----------------------+
   H0: no autocorrelation 

. *xtdpd L(0/1).MS L(0/2).network L(0/2).network2 L(0/2).RJVver L(0/2).lrd2 L(1/1).m_lta L(1/1).m_lrd dy2-dy13 if zero_same==0 &
>  drop==0, dgmmiv(MS, lag(2 5)) dgmmiv(network, lag(2 5)) dgmmiv(network2, lag(2 5)) dgmmiv(RJVver, lag(2 5)) dgmmiv(lrd2, lag(
> 2 5))  lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep 
. *estat sargan
. *xtdpd L(0/1).MS L(0/2).network L(0/2).network2 L(0/2).RJVver L(0/2).lrd2 L(1/1).m_lta L(1/1).m_lrd dy2-dy13 if zero_same==0 &
>  drop==0, dgmmiv(MS, lag(2 5)) dgmmiv(network, lag(2 5)) dgmmiv(network2, lag(2 5)) dgmmiv(RJVver, lag(2 5)) dgmmiv(lrd2, lag(
> 2 5))  lgmmiv(l(3/6).MS l(3/6).lrd2)  div(patents_t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep vce(r)
. *estat abond
. gen eff_net=(_b[network]+_b[L.network]+_b[L2.network])*network+(_b[network2]+_b[L.network2]+_b[L2.network2])*network2

. label var eff_net "Heterogenous effect (continuous)"

. 
. 
. xtdpd L(0/1).MS L(0/2).network L(0/2).network2 L(0/2).RJVver_sure L(0/2).RJVver_nsure L(0/2).lrd2 L(1/1).m_lta L(1/1).m_lrd dy
> 2-dy13 if zero_same==0 & drop==0 &  network>=0, dgmmiv(MS, lag(3 5)) dgmmiv(network, lag(3 5))  dgmmiv(network2, lag(3 5))  dg
> mmiv(RJVver_sure, lag(3 5)) dgmmiv(RJVver_nsure, lag(3 5)) dgmmiv(lrd2, lag(3 5))  lgmmiv(l(6/6).MS l(6/6).lrd2)  div(patents_
> t_2 l2.sales_new) div(L(1/1).m_lta L(1/1).m_lrd dy2-dy13) twostep vce(r)
note: dy2 dropped from div() because of collinearity
note: dy2 dropped because of collinearity
note: D.dy3 dropped because of collinearity

Dynamic panel-data estimation                Number of obs         =     55304
Group variable: obs_num                      Number of groups      =     10490
Time variable: year
                                             Obs per group:    min =         1
                                                               avg =  5.272069
                                                               max =        12

Number of instruments =    208               Wald chi2(28)         =    376.09
                                             Prob > chi2           =    0.0000
Two-step results
                                (Std. Err. adjusted for clustering on obs_num)
------------------------------------------------------------------------------
             |              WC-Robust
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
          MS |
         L1. |   .7616683   .0725691    10.50   0.000     .6194354    .9039012
             |
     network |
         --. |  -.1211849   .1268973    -0.95   0.340    -.3698989    .1275291
         L1. |   .1322484   .1390211     0.95   0.341     -.140228    .4047247
         L2. |  -.1390787   .1459908    -0.95   0.341    -.4252155     .147058
             |
    network2 |
         --. |   .0585536   .1933881     0.30   0.762    -.3204802    .4375873
         L1. |   -.143702   .2735707    -0.53   0.599    -.6798908    .3924868
         L2. |   .2308854   .2494597     0.93   0.355    -.2580465    .7198174
             |
 RJVver_sure |
         --. |   .0109174   .0240109     0.45   0.649    -.0361431    .0579779
         L1. |   .0207307   .0228781     0.91   0.365    -.0241095     .065571
         L2. |  -.0064443   .0147436    -0.44   0.662    -.0353412    .0224527
             |
RJVver_nsure |
         --. |   .0279496   .0316171     0.88   0.377    -.0340188     .089918
         L1. |  -.0319139   .0266337    -1.20   0.231     -.084115    .0202873
         L2. |   .0048529   .0154498     0.31   0.753     -.025428    .0351339
             |
        lrd2 |
         --. |   .0032169    .002715     1.18   0.236    -.0021044    .0085383
         L1. |   .0010669   .0032582     0.33   0.743     -.005319    .0074529
         L2. |  -.0009833   .0031516    -0.31   0.755    -.0071603    .0051938
             |
       m_lta |
         L1. |   .0027554   .0009371     2.94   0.003     .0009188     .004592
             |
       m_lrd |
         L1. |  -.0040715   .0032327    -1.26   0.208    -.0104075    .0022644
             |
         dy4 |   .0006512   .0003058     2.13   0.033     .0000519    .0012505
         dy5 |  -.0001613   .0003118    -0.52   0.605    -.0007724    .0004498
         dy6 |  -.0001684   .0003162    -0.53   0.594    -.0007883    .0004514
         dy7 |   .0001904   .0003244     0.59   0.557    -.0004454    .0008262
         dy8 |  -.0007017   .0003841    -1.83   0.068    -.0014545     .000051
         dy9 |  -.0007139    .000371    -1.92   0.054     -.001441    .0000132
        dy10 |  -.0010115   .0004443    -2.28   0.023    -.0018824   -.0001406
        dy11 |   -.001152   .0004508    -2.56   0.011    -.0020356   -.0002684
        dy12 |  -.0011904   .0004564    -2.61   0.009    -.0020849    -.000296
        dy13 |  -.0021368   .0004372    -4.89   0.000    -.0029937   -.0012799
       _cons |    -.00665   .0042914    -1.55   0.121    -.0150611    .0017611
------------------------------------------------------------------------------
Instruments for differenced equation
        GMM-type: L(3/5).MS L(3/5).network L(3/5).network2
                  L(3/5).RJVver_sure L(3/5).RJVver_nsure L(3/5).lrd2
        Standard: D.patents_t_2 L2D.sales_new LD.m_lta LD.m_lrd D.dy3 D.dy4
                  D.dy5 D.dy6 D.dy7 D.dy8 D.dy9 D.dy10 D.dy11 D.dy12 D.dy13
Instruments for level equation
        GMM-type: L7D.MS L7D.lrd2
        Standard: _cons

. estat abond

Arellano-Bond test for zero autocorrelation in first-differenced errors
  +-----------------------+
  |Order |  z     Prob > z|
  |------+----------------|
  |   1  | -5.941  0.0000 |
  |   2  |-.52684  0.5983 |
  +-----------------------+
   H0: no autocorrelation 

. 
. drop eff_net

. gen eff_net=(_b[network]+_b[L.network]+_b[L2.network])*network+(_b[network2]+_b[L.network2]+_b[L2.network2])*network2

. label var eff_net "Heterogenous effect (continuous)"

. twoway (scatter eff_net network,  xlabel(0 .1 .2 .3 .4 .5 .6 .7 ) sort) if network<.75

. 
. *log using "graph_net_seg.log", replace
. forvalues x=0(.01)1 {
  2. lincom (network + L1.network + L2.network)*`x'+(network2 + L1.network2 + L2.network2)*`x'*`x', l(95)
  3. }

 ( 1) = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |          0  (omitted)
------------------------------------------------------------------------------

 ( 1)  .01*network + .01*L.network + .01*L2.network + .0001*network2 + .0001*L.network2 + .0001*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0012656   .0007633    -1.66   0.097    -.0027616    .0002304
------------------------------------------------------------------------------

 ( 1)  .02*network + .02*L.network + .02*L2.network + .0004*network2 + .0004*L.network2 + .0004*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.002502   .0015108    -1.66   0.098    -.0054631    .0004591
------------------------------------------------------------------------------

 ( 1)  .03*network + .03*L.network + .03*L2.network + .0009*network2 + .0009*L.network2 + .0009*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0037093   .0022426    -1.65   0.098    -.0081048    .0006862
------------------------------------------------------------------------------

 ( 1)  .04*network + .04*L.network + .04*L2.network + .0016*network2 + .0016*L.network2 + .0016*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0048874   .0029589    -1.65   0.099    -.0106868    .0009119
------------------------------------------------------------------------------

 ( 1)  .05*network + .05*L.network + .05*L2.network + .0025*network2 + .0025*L.network2 + .0025*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0060364   .0036597    -1.65   0.099    -.0132092    .0011364
------------------------------------------------------------------------------

 ( 1)  .06*network + .06*L.network + .06*L2.network + .0036*network2 + .0036*L.network2 + .0036*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0071563    .004345    -1.65   0.100    -.0156723    .0013597
------------------------------------------------------------------------------

 ( 1)  .07*network + .07*L.network + .07*L2.network + .0049*network2 + .0049*L.network2 + .0049*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.008247    .005015    -1.64   0.100    -.0180761    .0015822
------------------------------------------------------------------------------

 ( 1)  .08*network + .08*L.network + .08*L2.network + .0064*network2 + .0064*L.network2 + .0064*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0093085   .0056697    -1.64   0.101    -.0204209    .0018039
------------------------------------------------------------------------------

 ( 1)  .09*network + .09*L.network + .09*L2.network + .0081*network2 + .0081*L.network2 + .0081*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0103409   .0063093    -1.64   0.101    -.0227069    .0020251
------------------------------------------------------------------------------

 ( 1)  .1*network + .1*L.network + .1*L2.network + .01*network2 + .01*L.network2 + .01*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0113442   .0069339    -1.64   0.102    -.0249343     .002246
------------------------------------------------------------------------------

 ( 1)  .11*network + .11*L.network + .11*L2.network + .0121*network2 + .0121*L.network2 + .0121*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0123183   .0075435    -1.63   0.102    -.0271032    .0024667
------------------------------------------------------------------------------

 ( 1)  .12*network + .12*L.network + .12*L2.network + .0144*network2 + .0144*L.network2 + .0144*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0132632   .0081383    -1.63   0.103     -.029214    .0026875
------------------------------------------------------------------------------

 ( 1)  .13*network + .13*L.network + .13*L2.network + .0169*network2 + .0169*L.network2 + .0169*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.014179   .0087184    -1.63   0.104    -.0312667    .0029087
------------------------------------------------------------------------------

 ( 1)  .14*network + .14*L.network + .14*L2.network + .0196*network2 + .0196*L.network2 + .0196*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0150657   .0092839    -1.62   0.105    -.0332617    .0031303
------------------------------------------------------------------------------

 ( 1)  .15*network + .15*L.network + .15*L2.network + .0225*network2 + .0225*L.network2 + .0225*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0159232   .0098349    -1.62   0.105    -.0351992    .0033528
------------------------------------------------------------------------------

 ( 1)  .16*network + .16*L.network + .16*L2.network + .0256*network2 + .0256*L.network2 + .0256*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0167516   .0103716    -1.62   0.106    -.0370795    .0035764
------------------------------------------------------------------------------

 ( 1)  .17*network + .17*L.network + .17*L2.network + .0289*network2 + .0289*L.network2 + .0289*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0175508   .0108941    -1.61   0.107    -.0389028    .0038012
------------------------------------------------------------------------------

 ( 1)  .18*network + .18*L.network + .18*L2.network + .0324*network2 + .0324*L.network2 + .0324*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0183209   .0114025    -1.61   0.108    -.0406694    .0040277
------------------------------------------------------------------------------

 ( 1)  .19*network + .19*L.network + .19*L2.network + .0361*network2 + .0361*L.network2 + .0361*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0190618   .0118971    -1.60   0.109    -.0423797    .0042561
------------------------------------------------------------------------------

 ( 1)  .2*network + .2*L.network + .2*L2.network + .04*network2 + .04*L.network2 + .04*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0197736   .0123779    -1.60   0.110    -.0440338    .0044867
------------------------------------------------------------------------------

 ( 1)  .21*network + .21*L.network + .21*L2.network + .0441*network2 + .0441*L.network2 + .0441*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0204562   .0128451    -1.59   0.111    -.0456322    .0047198
------------------------------------------------------------------------------

 ( 1)  .22*network + .22*L.network + .22*L2.network + .0484*network2 + .0484*L.network2 + .0484*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0211097    .013299    -1.59   0.112    -.0471752    .0049558
------------------------------------------------------------------------------

 ( 1)  .23*network + .23*L.network + .23*L2.network + .0529*network2 + .0529*L.network2 + .0529*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.021734   .0137396    -1.58   0.114    -.0486631    .0051951
------------------------------------------------------------------------------

 ( 1)  .24*network + .24*L.network + .24*L2.network + .0576*network2 + .0576*L.network2 + .0576*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0223292   .0141672    -1.58   0.115    -.0500964     .005438
------------------------------------------------------------------------------

 ( 1)  .25*network + .25*L.network + .25*L2.network + .0625*network2 + .0625*L.network2 + .0625*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0228953   .0145819    -1.57   0.116    -.0514753    .0056848
------------------------------------------------------------------------------

 ( 1)  .26*network + .26*L.network + .26*L2.network + .0676*network2 + .0676*L.network2 + .0676*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0234322   .0149841    -1.56   0.118    -.0528004    .0059361
------------------------------------------------------------------------------

 ( 1)  .27*network + .27*L.network + .27*L2.network + .0729*network2 + .0729*L.network2 + .0729*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0239399   .0153738    -1.56   0.119     -.054072    .0061922
------------------------------------------------------------------------------

 ( 1)  .28*network + .28*L.network + .28*L2.network + .0784*network2 + .0784*L.network2 + .0784*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0244185   .0157513    -1.55   0.121    -.0552906    .0064536
------------------------------------------------------------------------------

 ( 1)  .29*network + .29*L.network + .29*L2.network + .0841*network2 + .0841*L.network2 + .0841*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.024868    .016117    -1.54   0.123    -.0564566    .0067207
------------------------------------------------------------------------------

 ( 1)  .3*network + .3*L.network + .3*L2.network + .09*network2 + .09*L.network2 + .09*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0252883   .0164709    -1.54   0.125    -.0575706    .0069941
------------------------------------------------------------------------------

 ( 1)  .31*network + .31*L.network + .31*L2.network + .0961*network2 + .0961*L.network2 + .0961*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0256794   .0168134    -1.53   0.127     -.058633    .0072742
------------------------------------------------------------------------------

 ( 1)  .32*network + .32*L.network + .32*L2.network + .1024*network2 + .1024*L.network2 + .1024*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0260414   .0171447    -1.52   0.129    -.0596445    .0075616
------------------------------------------------------------------------------

 ( 1)  .33*network + .33*L.network + .33*L2.network + .1089*network2 + .1089*L.network2 + .1089*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0263743   .0174652    -1.51   0.131    -.0606055    .0078569
------------------------------------------------------------------------------

 ( 1)  .34*network + .34*L.network + .34*L2.network + .1156*network2 + .1156*L.network2 + .1156*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.026678   .0177751    -1.50   0.133    -.0615166    .0081606
------------------------------------------------------------------------------

 ( 1)  .35*network + .35*L.network + .35*L2.network + .1225*network2 + .1225*L.network2 + .1225*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0269526   .0180748    -1.49   0.136    -.0623785    .0084734
------------------------------------------------------------------------------

 ( 1)  .36*network + .36*L.network + .36*L2.network + .1296*network2 + .1296*L.network2 + .1296*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.027198   .0183646    -1.48   0.139    -.0631919    .0087959
------------------------------------------------------------------------------

 ( 1)  .37*network + .37*L.network + .37*L2.network + .1369*network2 + .1369*L.network2 + .1369*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0274143   .0186448    -1.47   0.141    -.0639573    .0091288
------------------------------------------------------------------------------

 ( 1)  .38*network + .38*L.network + .38*L2.network + .1444*network2 + .1444*L.network2 + .1444*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0276014   .0189157    -1.46   0.145    -.0646755    .0094728
------------------------------------------------------------------------------

 ( 1)  .39*network + .39*L.network + .39*L2.network + .1521*network2 + .1521*L.network2 + .1521*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0277594   .0191779    -1.45   0.148    -.0653473    .0098286
------------------------------------------------------------------------------

 ( 1)  .4*network + .4*L.network + .4*L2.network + .16*network2 + .16*L.network2 + .16*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0278882   .0194316    -1.44   0.151    -.0659734     .010197
------------------------------------------------------------------------------

 ( 1)  .41*network + .41*L.network + .41*L2.network + .1681*network2 + .1681*L.network2 + .1681*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0279879   .0196773    -1.42   0.155    -.0665546    .0105788
------------------------------------------------------------------------------

 ( 1)  .42*network + .42*L.network + .42*L2.network + .1764*network2 + .1764*L.network2 + .1764*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0280584   .0199153    -1.41   0.159    -.0670918    .0109749
------------------------------------------------------------------------------

 ( 1)  .43*network + .43*L.network + .43*L2.network + .1849*network2 + .1849*L.network2 + .1849*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0280998   .0201463    -1.39   0.163    -.0675858    .0113862
------------------------------------------------------------------------------

 ( 1)  .44*network + .44*L.network + .44*L2.network + .1936*network2 + .1936*L.network2 + .1936*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.028112   .0203705    -1.38   0.168    -.0680376    .0118135
------------------------------------------------------------------------------

 ( 1)  .45*network + .45*L.network + .45*L2.network + .2025*network2 + .2025*L.network2 + .2025*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0280951   .0205886    -1.36   0.172    -.0684481    .0122578
------------------------------------------------------------------------------

 ( 1)  .46*network + .46*L.network + .46*L2.network + .2116*network2 + .2116*L.network2 + .2116*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0280491    .020801    -1.35   0.178    -.0688183    .0127201
------------------------------------------------------------------------------

 ( 1)  .47*network + .47*L.network + .47*L2.network + .2209*network2 + .2209*L.network2 + .2209*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0279739   .0210083    -1.33   0.183    -.0691493    .0132015
------------------------------------------------------------------------------

 ( 1)  .48*network + .48*L.network + .48*L2.network + .2304*network2 + .2304*L.network2 + .2304*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0278695   .0212109    -1.31   0.189    -.0694421    .0137031
------------------------------------------------------------------------------

 ( 1)  .49*network + .49*L.network + .49*L2.network + .2401*network2 + .2401*L.network2 + .2401*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.027736   .0214095    -1.30   0.195    -.0696979    .0142259
------------------------------------------------------------------------------

 ( 1)  .5*network + .5*L.network + .5*L2.network + .25*network2 + .25*L.network2 + .25*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0275734   .0216047    -1.28   0.202    -.0699179    .0147711
------------------------------------------------------------------------------

 ( 1)  .51*network + .51*L.network + .51*L2.network + .2601*network2 + .2601*L.network2 + .2601*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0273816   .0217971    -1.26   0.209    -.0701031    .0153399
------------------------------------------------------------------------------

 ( 1)  .52*network + .52*L.network + .52*L2.network + .2704*network2 + .2704*L.network2 + .2704*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0271607   .0219873    -1.24   0.217    -.0702549    .0159336
------------------------------------------------------------------------------

 ( 1)  .53*network + .53*L.network + .53*L2.network + .2809*network2 + .2809*L.network2 + .2809*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0269106   .0221759    -1.21   0.225    -.0703746    .0165535
------------------------------------------------------------------------------

 ( 1)  .54*network + .54*L.network + .54*L2.network + .2916*network2 + .2916*L.network2 + .2916*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0266313   .0223638    -1.19   0.234    -.0704635    .0172008
------------------------------------------------------------------------------

 ( 1)  .55*network + .55*L.network + .55*L2.network + .3025*network2 + .3025*L.network2 + .3025*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.026323   .0225514    -1.17   0.243     -.070523     .017877
------------------------------------------------------------------------------

 ( 1)  .56*network + .56*L.network + .56*L2.network + .3136*network2 + .3136*L.network2 + .3136*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0259854   .0227397    -1.14   0.253    -.0705544    .0185835
------------------------------------------------------------------------------

 ( 1)  .57*network + .57*L.network + .57*L2.network + .3249*network2 + .3249*L.network2 + .3249*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0256188   .0229292    -1.12   0.264    -.0705592    .0193216
------------------------------------------------------------------------------

 ( 1)  .58*network + .58*L.network + .58*L2.network + .3364*network2 + .3364*L.network2 + .3364*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0252229   .0231208    -1.09   0.275    -.0705389     .020093
------------------------------------------------------------------------------

 ( 1)  .59*network + .59*L.network + .59*L2.network + .3481*network2 + .3481*L.network2 + .3481*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.024798   .0233152    -1.06   0.288     -.070495     .020899
------------------------------------------------------------------------------

 ( 1)  .6*network + .6*L.network + .6*L2.network + .36*network2 + .36*L.network2 + .36*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0243439   .0235133    -1.04   0.301     -.070429    .0217413
------------------------------------------------------------------------------

 ( 1)  .61*network + .61*L.network + .61*L2.network + .3721*network2 + .3721*L.network2 + .3721*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0238606   .0237157    -1.01   0.314    -.0703426    .0226214
------------------------------------------------------------------------------

 ( 1)  .62*network + .62*L.network + .62*L2.network + .3844*network2 + .3844*L.network2 + .3844*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0233482   .0239234    -0.98   0.329    -.0702372    .0235408
------------------------------------------------------------------------------

 ( 1)  .63*network + .63*L.network + .63*L2.network + .3969*network2 + .3969*L.network2 + .3969*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0228066   .0241371    -0.94   0.345    -.0701145    .0245013
------------------------------------------------------------------------------

 ( 1)  .64*network + .64*L.network + .64*L2.network + .4096*network2 + .4096*L.network2 + .4096*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0222359   .0243577    -0.91   0.361    -.0699761    .0255043
------------------------------------------------------------------------------

 ( 1)  .65*network + .65*L.network + .65*L2.network + .4225*network2 + .4225*L.network2 + .4225*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0216361    .024586    -0.88   0.379    -.0698237    .0265516
------------------------------------------------------------------------------

 ( 1)  .66*network + .66*L.network + .66*L2.network + .4356*network2 + .4356*L.network2 + .4356*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0210071   .0248228    -0.85   0.397    -.0696588    .0276447
------------------------------------------------------------------------------

 ( 1)  .67*network + .67*L.network + .67*L2.network + .4489*network2 + .4489*L.network2 + .4489*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0203489    .025069    -0.81   0.417    -.0694832    .0287853
------------------------------------------------------------------------------

 ( 1)  .68*network + .68*L.network + .68*L2.network + .4624*network2 + .4624*L.network2 + .4624*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0196616   .0253253    -0.78   0.438    -.0692983    .0299751
------------------------------------------------------------------------------

 ( 1)  .69*network + .69*L.network + .69*L2.network + .4761*network2 + .4761*L.network2 + .4761*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0189452   .0255927    -0.74   0.459    -.0691059    .0312156
------------------------------------------------------------------------------

 ( 1)  .7*network + .7*L.network + .7*L2.network + .49*network2 + .49*L.network2 + .49*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0181996   .0258719    -0.70   0.482    -.0689075    .0325084
------------------------------------------------------------------------------

 ( 1)  .71*network + .71*L.network + .71*L2.network + .5041*network2 + .5041*L.network2 + .5041*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0174248   .0261637    -0.67   0.505    -.0687047     .033855
------------------------------------------------------------------------------

 ( 1)  .72*network + .72*L.network + .72*L2.network + .5184*network2 + .5184*L.network2 + .5184*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0166209   .0264689    -0.63   0.530     -.068499    .0352571
------------------------------------------------------------------------------

 ( 1)  .73*network + .73*L.network + .73*L2.network + .5329*network2 + .5329*L.network2 + .5329*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0157879   .0267882    -0.59   0.556    -.0682919    .0367161
------------------------------------------------------------------------------

 ( 1)  .74*network + .74*L.network + .74*L2.network + .5476*network2 + .5476*L.network2 + .5476*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0149257   .0271225    -0.55   0.582    -.0680849    .0382334
------------------------------------------------------------------------------

 ( 1)  .75*network + .75*L.network + .75*L2.network + .5625*network2 + .5625*L.network2 + .5625*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0140344   .0274724    -0.51   0.609    -.0678793    .0398105
------------------------------------------------------------------------------

 ( 1)  .76*network + .76*L.network + .76*L2.network + .5776*network2 + .5776*L.network2 + .5776*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0131139   .0278386    -0.47   0.638    -.0676766    .0414487
------------------------------------------------------------------------------

 ( 1)  .77*network + .77*L.network + .77*L2.network + .5929*network2 + .5929*L.network2 + .5929*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0121643   .0282218    -0.43   0.666     -.067478    .0431494
------------------------------------------------------------------------------

 ( 1)  .78*network + .78*L.network + .78*L2.network + .6084*network2 + .6084*L.network2 + .6084*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0111855   .0286226    -0.39   0.696    -.0672847    .0449136
------------------------------------------------------------------------------

 ( 1)  .79*network + .79*L.network + .79*L2.network + .6241*network2 + .6241*L.network2 + .6241*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0101776   .0290415    -0.35   0.726     -.067098    .0467428
------------------------------------------------------------------------------

 ( 1)  .8*network + .8*L.network + .8*L2.network + .64*network2 + .64*L.network2 + .64*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0091406   .0294793    -0.31   0.757    -.0669189    .0486378
------------------------------------------------------------------------------

 ( 1)  .81*network + .81*L.network + .81*L2.network + .6561*network2 + .6561*L.network2 + .6561*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0080743   .0299363    -0.27   0.787    -.0667485    .0505998
------------------------------------------------------------------------------

 ( 1)  .82*network + .82*L.network + .82*L2.network + .6724*network2 + .6724*L.network2 + .6724*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.006979   .0304132    -0.23   0.819    -.0665877    .0526297
------------------------------------------------------------------------------

 ( 1)  .83*network + .83*L.network + .83*L2.network + .6889*network2 + .6889*L.network2 + .6889*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0058545   .0309102    -0.19   0.850    -.0664374    .0547285
------------------------------------------------------------------------------

 ( 1)  .84*network + .84*L.network + .84*L2.network + .7056*network2 + .7056*L.network2 + .7056*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0047008    .031428    -0.15   0.881    -.0662985    .0568969
------------------------------------------------------------------------------

 ( 1)  .85*network + .85*L.network + .85*L2.network + .7225*network2 + .7225*L.network2 + .7225*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.003518   .0319668    -0.11   0.912    -.0661717    .0591357
------------------------------------------------------------------------------

 ( 1)  .86*network + .86*L.network + .86*L2.network + .7396*network2 + .7396*L.network2 + .7396*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |  -.0023061   .0325269    -0.07   0.943    -.0660577    .0614455
------------------------------------------------------------------------------

 ( 1)  .87*network + .87*L.network + .87*L2.network + .7569*network2 + .7569*L.network2 + .7569*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   -.001065   .0331088    -0.03   0.974     -.065957    .0638271
------------------------------------------------------------------------------

 ( 1)  .88*network + .88*L.network + .88*L2.network + .7744*network2 + .7744*L.network2 + .7744*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0002053   .0337127     0.01   0.995    -.0658704    .0662809
------------------------------------------------------------------------------

 ( 1)  .89*network + .89*L.network + .89*L2.network + .7921*network2 + .7921*L.network2 + .7921*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0015047   .0343388     0.04   0.965    -.0657981    .0688074
------------------------------------------------------------------------------

 ( 1)  .9*network + .9*L.network + .9*L2.network + .81*network2 + .81*L.network2 + .81*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0028332   .0349873     0.08   0.935    -.0657406    .0714071
------------------------------------------------------------------------------

 ( 1)  .91*network + .91*L.network + .91*L2.network + .8281*network2 + .8281*L.network2 + .8281*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0041909   .0356585     0.12   0.906    -.0656984    .0740802
------------------------------------------------------------------------------

 ( 1)  .92*network + .92*L.network + .92*L2.network + .8464*network2 + .8464*L.network2 + .8464*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0055777   .0363524     0.15   0.878    -.0656716    .0768271
------------------------------------------------------------------------------

 ( 1)  .93*network + .93*L.network + .93*L2.network + .8649*network2 + .8649*L.network2 + .8649*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0069937   .0370692     0.19   0.850    -.0656606    .0796481
------------------------------------------------------------------------------

 ( 1)  .94*network + .94*L.network + .94*L2.network + .8836*network2 + .8836*L.network2 + .8836*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0084388   .0378091     0.22   0.823    -.0656656    .0825432
------------------------------------------------------------------------------

 ( 1)  .95*network + .95*L.network + .95*L2.network + .9025*network2 + .9025*L.network2 + .9025*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0099131    .038572     0.26   0.797    -.0656866    .0855128
------------------------------------------------------------------------------

 ( 1)  .96*network + .96*L.network + .96*L2.network + .9216*network2 + .9216*L.network2 + .9216*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0114165    .039358     0.29   0.772    -.0657238    .0885569
------------------------------------------------------------------------------

 ( 1)  .97*network + .97*L.network + .97*L2.network + .9409*network2 + .9409*L.network2 + .9409*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0129491   .0401673     0.32   0.747    -.0657773    .0916755
------------------------------------------------------------------------------

 ( 1)  .98*network + .98*L.network + .98*L2.network + .9604*network2 + .9604*L.network2 + .9604*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0145108   .0409997     0.35   0.723    -.0658471    .0948688
------------------------------------------------------------------------------

 ( 1)  .99*network + .99*L.network + .99*L2.network + .9801*network2 + .9801*L.network2 + .9801*L2.network2 = 0

------------------------------------------------------------------------------
          MS |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         (1) |   .0161017   .0418553     0.38   0.700    -.0659332    .0981366
------------------------------------------------------------------------------

. *log close
. 
. 
. esttab RJVseg_any RJVseg_hv RJVseg_sml using  "tables\REStat_MS14767_Vol96(2)_tables", append nodepvar star(* 0.10 ** 0.05 ***
>  0.01) se  stats(r N ) drop(dy*) label compress csv nogaps
(output written to tables\REStat_MS14767_Vol96(2)_tables.csv)

. esttab RJVseg_ver_sml using "tables\REStat_MS14767_Vol96(2)_tables", append nodepvar star(* 0.10 ** 0.05 *** 0.01) se  stats(r
>  N ) drop(dy*) label compress csv nogaps
(output written to tables\REStat_MS14767_Vol96(2)_tables.csv)

. esttab RJVseg_sml_ms using  "tables\REStat_MS14767_Vol96(2)_tables", append nodepvar star(* 0.10 ** 0.05 *** 0.01) se  stats(r
>  N ) drop(dy*) label compress csv nogaps
(output written to tables\REStat_MS14767_Vol96(2)_tables.csv)

. 
. log close
      name:  <unnamed>
       log:  E:\REStat_MS14767_Vol96(2)\Estimation\REStat_MS14797_Vol96(2)_estimation_compustat_segment.log
  log type:  text
 closed on:  20 Dec 2014, 21:25:51
--------------------------------------------------------------------------------------------------------------------------------
